PI Network的本地令牌PI在达到历史最高高点后不到一个月的时间撞车了约73％。

截至发稿时，PI的交易价格为0.80美元，更接近2月20日的0.70美元发行价。这使PI缩减比其他市场深10倍。

Pi Network’s native token (PI) has crashed roughly 73% less than one month after reaching its all-time high of $2.99 on Feb. 26.

PI Network的原住民令牌（PI）在2月26日达到其历史最高额为2.99美元后，撞车大约73％。

As of press time, PI was trading at $0.81, inching closer to its $0.70 launch price on Feb. 20.

截至发稿时，PI的交易价格为0.81美元，距离2月20日的发行价格更接近其0.70美元。

The performance is significantly below the crypto market average performance in the same period, as altcoins corrected 6.9% on average. This makes PI drawdown over 10x deeper than the rest of the market.

由于AltCoins平均校正了6.9％，因此性能显着低于同一时期加密货币市场平均表现。这使得PI缩减比其他市场深10倍。

PI has been facing pressure from its own token design since users can mint tokens and increase supply by interacting with applications on the network.

PI一直面临着自己的令牌设计的压力，因为用户可以通过与网络上的应用程序进行交互来造成令牌并增加供应。

A Keyrock report published in December 2024 pointed out that over 90% of token unlocks exert negative price pressure, with effects taking up to 30 days to materialize.

2024年12月发布的一份钥匙石报告指出，超过90％的令牌释放了负价格压力，效果最多需要30天才能实现。

According to PiScan, the network will issue over 102 million PI tokens over the next 30 days, averaging 3.4 million daily. This would be more than 1% of PI’s circulating supply.

根据Piscan的说法，该网络将在接下来的30天内发行超过1.02亿个PI令牌，平均每天340万。这将超过PI循环供应的1％。

At the current price of $0.81, the dollar-denominated supply pressure is $82.6 million — roughly $2.7 million daily.

按目前的价格为0.81美元，以美元计价的供应压力为8260万美元，每天约270万美元。

According to a Tokenomist report, Pi Network is responsible for 4% of the $2 billion in token unlocks scheduled for April.

根据令牌主义的报告，PI网络负责4月份的20亿美元代币中的4％。

Controversy around PI

围绕PI的争议

Pi Network has been criticized for several reasons in the weeks before and since its launch last month. Industry participants have raised concerns about its operations resembling a multi-level marketing scheme.

PI网络在上个月推出之前和自上个月推出以来的几个原因受到批评。行业参与者对其运营类似于多层次营销计划的业务提出了担忧。

The project’s delayed mainnet launch and limited details on token utility have exacerbated concerns about whether Pi can deliver on its promise of accessible, decentralized value transfer.

该项目延迟的主网发布以及关于令牌公用事业的有限细节加剧了人们对PI是否可以兑现其可访问的，分散的价值转移的承诺的担忧。

Bybit CEO Ben Zhou recently drew attention to a report issued by Chinese law enforcement that described Pi as fraudulent.

Bybit首席执行官Ben Zhou最近提请注意中国执法部门发布的一份报告，该报告称PI为欺诈。

The report claimed that the project targeted vulnerable populations, including elderly users, by promising financial gain. It also accused the network of allegedly harvesting its users’ personal data.

该报告声称，该项目通过承诺经济利益来针对包括老年用户在内的脆弱人群。它还指责该网络涉嫌收获用户的个人数据。

The report further attributed financial losses, including pension depletion, to the project’s influence in China.

该报告进一步将包括养老金枯竭在内的财务损失归因于该项目在中国的影响力。

Separately, Moonrock Capital CEO Simon Dedic expressed skepticism over Pi’s reported $26 billion fully diluted valuation and claims that 60% of the supply is already in circulation.

另外，MoonRock Capital Ceo Simon Dedic对Pi的报告表示怀疑，报道了260亿美元的完全稀释的估值，并声称供应的60％已经在流通。

Dedic said that the project “has built a strong cult following among non-crypto users who shill it purely for financial reasons.” He further alleged that Pi Network was a “giant Ponzi” that achieved virality through promises of “free money.”

迪迪克说，该项目“已经在非克里普托用户中建立了强烈的追随者，他们纯粹是出于财务原因而先用它。”他进一步声称，Pi Network是一个“巨型庞氏骗局”，它通过“免费钱”的承诺获得了病毒性。

Pi denies allegations

PI否认指控

In a public statement issued on Feb. 22, Pi Network rejected the allegations and clarified its position regarding the Chinese police report.

PI网络在2月22日发表的公开声明中拒绝了这些指控，并阐明了其关于中国警察报告的立场。

The team stated that the report referred to unauthorized third parties falsely associating themselves with Pi and that no authorities had contacted Pi Network itself regarding the matter.

该团队表示，该报告是指未经授权的第三方错误地与PI联系，并且没有当局就此事联系了PI网络本身。

The project reiterated that it is not affiliated with those actors and emphasized its intention to launch responsibly.

该项目重申，它与这些演员无关，并强调其负责任地发射的意图。

Gino Matos

吉诺马托斯

Gino Matos is a law school graduate and a seasoned journalist with six years of experience in the crypto industry. His expertise primarily focuses on the Brazilian blockchain ecosystem and developments in decentralized finance (DeFi).

吉诺·马托斯（Gino Matos）是一名法学院毕业生，也是一位经验丰富的记者，在加密行业拥有六年的经验。他的专业知识主要集中在巴西区块链生态系统和分散融资（DEFI）中的发展。

AJ, a passionate journalist since Yemen's 2011 Arab Spring, has honed his skills worldwide for over a decade. Specializing in financial journalism, he now focuses on crypto reporting.

自从也门2011年阿拉伯之春以来，AJ是一位热情的记者，他在全球范围内磨练了他十多年的技能。他专门从事金融新闻业，现在专注于加密报告。

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