PI网络硬币：它可以从灰烬中升起吗？

在数字货币的表面下，Pi Network Coin在其中创新和阴谋统治时，发现自己在转换边缘摇摆。

The price of Pi Network Coin (PI) has dropped drastically. It used to be $2.98 in February 2025, but now it's languishing at around $0.56, showing a staggering loss of over 77%.

PI网络硬币（PI）的价格急剧下降。它曾经在2025年2月为2.98美元，但现在的价格约为0.56美元，显示出惊人的77％以上。

This signals a broader malaise within the cryptocurrency realm, with new tokens being unlocked at an alarming rate. Over the next year, more than 1.5 billion PI tokens are set to be released, potentially pushing the total supply to a staggering 8 billion.

这标志着加密货币领域内的更广泛的不适，新令牌以惊人的速度解锁。明年，将发布超过15亿的PI令牌，可能将总供应量推向惊人的80亿。

This starkly contrasts with the initial optimism that saw Pi Network’s market cap zoom to $20 billion. However, with the coin’s price plummeting, the market cap has dwindled accordingly, now standing at a meager $4.66 billion.

这与最初的乐观态度形成了鲜明的对比，后者将PI Network的市值变焦到200亿美元。但是，随着硬币的价格下降，市值逐渐减少，现在处于46.6亿美元的微薄。

Adding to the bleak outlook is the absence of Pi Coin on major exchanges like Binance, Coinbase, or Kraken. This unavailability deters new investors and stifles trading volume and liquidity, especially with Binance alone boasting an astronomical 9.84 million users.

在繁华的外观上增加了Binance，Coinbase或Kraken等主要交易所上的PI硬币。这种不可用可以阻止新的投资者，并扼杀交易量和流动性，尤其是仅仅是义务的人天文学984万用户。

It's no secret that cryptocurrencies thrive on trading activity, which in turn fuels interest and broader adoption. Sadly, Pi Coin has twice been denied a Binance listing, despite initial attempts in 2023.

加密货币在交易活动上蓬勃发展，这又为人们的利益和更广泛的采用而言，这已经不是什么秘密了。可悲的是，尽管2023年初次尝试，但Pi硬币被剥夺了两次binance上市。

Reports from the Star in December 2025 noted that Binance encountered difficulties in verifying Pi Network’s tokenomics and economic structure. Furthermore, issues with the network’s transparency and disclosures, especially regarding its large-scale community structure, posed additional problems for the exchange.

该星际的报道于2025年12月指出，Binance在验证PI Network的令牌和经济结构方面遇到了困难。此外，网络的透明度和披露问题，尤其是关于其大规模的社区结构的问题，给交流带来了其他问题。

These ongoing difficulties in securing a listing on a tier-one exchange are casting a bearish shadow over Pi Network’s future prospects.

这些在确保一级交易所上市的持续困难中，对Pi Network的未来前景造成了看跌的阴影。

Technical Analysis: Bearish Signals Prevail

技术分析：看跌信号占上风

A technical analysis of PI/USDT on the 4-hour chart from December 27th reveals bearish trends. The Relative Strength Index (RSI) is at 32.03, nearing the oversold threshold, while the MACD is still in negative territory, indicating seller dominance.

从12月27日起的4小时图表上对PI/USDT的技术分析揭示了看跌趋势。相对强度指数（RSI）为32.03，接近超售阈值，而MACD仍处于负面状态，表明卖方优势。

Moreover, the price is trading below the key 50-SMA, 100-SMA, and 200-SMA, further bolstering the bearish narrative.

此外，价格的交易低于关键的50-SMA，100-SM​​A和200-SM​​A，进一步加强了看跌的叙述。

Unless there’s a strong bullish reversal from the critical $0.60 support level, another decline to target $0.50 seems more likely. However, the broader market dynamics could influence the price action in the coming days.

除非从关键的0.60美元的支持水平逆转强烈的看涨逆转，否则另一个下降到目标$ 0.50的可能性似乎更大。但是，更广泛的市场动态可能会影响未来几天的价格行动。

Community Concerns and Network Initiatives

社区关注和网络计划

Within the Pi Network community, there's growing discontent as members demand more transparency from the Pi Core Team.

在PI网络社区中，随着成员要求从PI Core团队获得更高的透明度，不满。

Some veteran members who joined early are feeling overshadowed by newcomers who are cashing out quickly, creating a wedge between aspiration and achievement.

一些早期加入的资深成员感到被迅速兑现的新移民所掩盖，在志向和成就之间造成了楔子。

Despite the network's participation in events like PiFest and its efforts to expand merchant engagement, these initiatives aren't enough to quell the fears about the future of PI Coin.

尽管网络参与了诸如Pifest之类的活动及其扩大商人参与的努力，但这些举措不足以平息对Pi Coin的未来的担忧。

The Road to Recovery: A Glimpse of Hope

恢复之路：希望

However, there's still a sliver of hope. Some visionaries believe that securing a coveted exchange listing, like the one on Binance, could be a pivotal moment for Pi Network.

但是，仍然有希望。一些有远见的人认为，确保令人垂涎的交流列表（如二元上）可能是PI网络的关键时刻。

If this listing is achieved in tandem with the Pi Core Team making serious strides towards clearer communication, greater transparency, and tighter regulatory compliance, it could spark a renaissance for the beleaguered coin.

如果与PI Core团队共同实现了这一清单，以实现更清晰的沟通，更高的透明度和更严格的监管合规性，那么它可能会为陷入困境的硬币带来文艺复兴。

But the fate of Pi Network hangs precariously in the balance, and every new development could either fortify or fracture the path forward.

但是，PI网络的命运在平衡上稳定地悬而未决，每个新的发展都可以加强或破坏前进的道路。

Investors, both seasoned and new, must remain vigilant in deciphering the signals amid the noise. As Pi Network navigates through this storm, its resilience will shape not only its own destiny but will become a parable in the saga of cryptocurrencies everywhere.

经验丰富和新的投资者必须保持警惕，以在噪音中解密信号。随着PI网络在这场风暴中航行时，其韧性不仅会塑造其自己的命运，而且会成为各地加密货币传奇的寓言。