PI网络曾经是被大肆宣传的加密货币，现在陷入困境

Pi硬币曾经是最受炒作的加密货币之一，现在陷入了深刻的麻烦。在2月推出其主网之后

Pi Coin, once one of the most hyped cryptocurrencies, is now in deep trouble. After launching its mainnet in February with high hopes, the price skyrocketed to $2.98, briefly making it one of the top ten cryptocurrencies. But fast forward to April, and things have taken a complete U-turn. The price has crashed to just $0.67, marking a massive 78% drop in just a few weeks. Investors who believed in its promise are now watching billions of dollars in value disappear, with Pi’s market cap shrinking from nearly $20 billion to just $4.56 billion.

Pi硬币曾经是最受炒作的加密货币之一，现在陷入了深刻的麻烦。在2月寄予厚望的主网之后，价格飙升至2.98美元，简短地使其成为前十名加密货币之一。但是快进到四月，事情已经完全掉头了。价格跌至仅0.67美元，在短短几周内下降了78％。相信其承诺的投资者现在正在观看数十亿美元的价值消失，PI的市值从近200亿美元缩小到仅45.6亿美元。

Pi Coin’s price has plunged to $0.6722, narrowly avoiding slipping below its all-time low of $0.6152 reached in February. The rapid decline follows its meteoric rise to $2.98 on Feb. 26, when Pi briefly shot up into the top 10 cryptocurrencies by market cap. However, the hype quickly fizzled out.

Pi Coin的价格已跌至0.6722美元，狭窄地避免在2月达到其历史最低低于0.6152美元的历史最低点。迅速下降是在2月26日的流离失所上升到2.98美元之后，当时PI通过市值短暂地进入了前10名加密货币。但是，炒作很快消失了。

Now, with the market cap shrinking from nearly $20 billion to just $4.56 billion, investors are losing confidence.

现在，由于市值从近200亿美元减少到仅45.6亿美元，投资者正在失去信心。

Alex Obchakevich, founder of Obchakevich Research, attributes the crash to an imbalance between token unlocks and demand. He warns that with Pi’s monthly unlocks outpacing demand, further price declines are “inevitable.” So far, 4.9 billion Pi tokens have entered circulation, and another 1.54 billion are set to be released over the next year.

Obchakevich Research的创始人Alex Obchakevich将崩溃归因于令牌解锁和需求之间的不平衡。他警告说，随着PI每月解锁需求的释放，进一步的价格下降是“不可避免的”。到目前为止，有49亿个PI令牌已经进入流通，明年将发布15.4亿个。

However, beyond the price drop, another major issue is plaguing Pi Network: its KYC (Know Your Customer) system. Unlike other cryptocurrencies, Pi requires users to verify their identity before they can move their tokens to the mainnet. But this process has become a source of frustration for many.

但是，除了价格下跌之外，另一个主要问题是困扰PI网络：其KYC（了解您的客户）系统。与其他加密货币不同，PI要求用户在将令牌移至主网之前验证其身份。但是这个过程已成为许多人沮丧的根源。

Out of 60 million people who mined Pi, only 14 million have successfully migrated their tokens. Social media is filled with complaints about failed transactions and missing coins, while the developers remain largely silent, further fueling distrust.

在挖掘PI的6000万人中，只有1400万人成功地迁移了他们的令牌。社交媒体充满了有关交易失败和缺失硬币的抱怨，而开发人员仍保持沉默，进一步加剧了不信任。

Recently, Pi Network tried to boost adoption with “PiFest,” an event encouraging businesses to accept Pi Coin. While they claim over 125,000 merchants participated, blockchain data suggests that very few transactions actually took place.

最近，PI Network试图通过“ Pifest”（鼓励企业接受Pi Coin）来提高采用。尽管他们声称有超过125,000家商人参加了会议，但区块链数据表明实际上很少发生交易。

Without real-world use cases and a strong ecosystem, Pi is struggling to prove its worth compared to major networks like Ethereum and Solana.

没有现实世界的用例和强大的生态系统，PI与以太坊和Solana等主要网络相比，PI努力证明其价值。

Despite these struggles, Obchakevich sees long-term potential. He believes Pi could still compete with top projects—if it focuses on real development. However, skepticism remains high. ByBit CEO Ben Zhou has even labeled Pi a “scam,” casting further doubt over its legitimacy.

尽管经历了这些斗争，Obchakevich仍然看到了长期潜力。他认为，如果PI仍然可以与顶级项目竞争，如果它专注于真正的发展。但是，怀疑仍然很高。 Bybit首席执行官Ben Zhou甚至将PI标记为“骗局”，对其合法性进一步怀疑。