随着骗局的出现，PI Network（PI）的历史最高高80％。

2月20日，PI Network的备受期待的开放式Mainnet发射遇到了极端的波动，导致令牌的价值急剧下降。在交易的前两天内，PI Network的市值下降了60亿美元。最初开盘价为1.84美元的代币急剧下降至0.64美元，引发了投资者对其长期生存能力和稳定性的担忧。

The highly anticipated Open Mainnet launch of Pi Network on February 20 encountered significant challenges, leading to a drastic decline in the token's value. Within the first two days of trading, Pi Network's market capitalization plummeted by $6 billion. The token, which initially opened at $1.84, saw a dramatic decline to $0.64, sparking concerns among investors regarding its long-term viability and stability.

2月20日，PI Network的备受期待的开放式Mainnet启动遇到了重大挑战，导致令牌价值急剧下降。在交易的前两天内，PI Network的市值下降了60亿美元。最初开盘价为1.84美元的代币急剧下降至0.64美元，引发了投资者对其长期生存能力和稳定性的担忧。

Here are four major reasons that fueled the downward trend:

以下是推动下降趋势的四个主要原因：

1. Scam Allegations and Criticism from Industry Leaders

1。行业领导人的骗局指控和批评

One of the primary reasons behind the crash was criticism from Bybit's CEO, Ben Zhou, who accused Pi Network of being a scam. Zhou pointed to a Chinese report alleging that Pi Network primarily targeted the elderly in a misleading scheme. While Pi Network has vehemently denied these accusations, maintaining that it is a legitimate blockchain project under development for the past six years, the CEO's remarks raised red flags among investors.

坠机背后的主要原因之一是拜比特（Bybit）首席执行官本·周（Ben Zhou）的批评，后者指责PI网络是骗局。周指出了一份中国报告，指称PI网络主要针对老年人的误导计划。尽管PI Network坚决否认了这些指控，并坚持认为这是过去六年中正在开发的合法区块链项目，但首席执行官的讲话却引起了投资者的危险信号。

2. Mass Sell-Off by Early Investors

2。早期投资者的大规模抛售

Another key factor behind the Pi Network price drop was a large-scale sell-off by early adopters. Historically, many token holders cash out their holdings immediately after a mainnet launch to mitigate losses. In Pi Network's case, many investors had seen similar projects—such as Notcoin and Hamster Kombat—crash post-launch and feared a repeat scenario. This panic-driven sell-off exerted additional downward pressure on the token's price.

PI网络价格下跌的另一个关键因素是早期采用者的大规模抛售。从历史上看，许多令牌持有人在主网发射以减轻损失后立即兑现了股份。在PI Network的情况下，许多投资者看到了类似的项目（例如Notcoin和Hamster Kombat）爆发后发布后，并担心重复的情况。这种恐慌驱动的抛售给令牌的价格施加了额外的向下压力。

3. Broader Market Trends and Liquidity Concerns

3。更广泛的市场趋势和流动性问题

The overall weakness in the cryptocurrency market also played a role in Pi Network's sharp decline. Bitcoin's price correction, which saw a 10% drop from its all-time high, negatively impacted the broader crypto ecosystem. Major altcoins like Ethereum, Cardano, and Algorand also suffered significant declines, contributing to reduced investor confidence.

加密货币市场的总体弱点在PI网络的急剧下降中也发挥了作用。比特币的价格校正，其历史最高水平下降了10％，对更广泛的加密生态系统产生了负面影响。 Ethereum，Cardano和Algorand等主要的Altcoins也遭受了大幅下降，有助于减少投资者的信心。

Liquidity issues further exacerbated Pi Network's instability. Despite being listed on major exchanges such as OKX, Bitget, and MEXC, the token faced low market depth, making it highly susceptible to volatility. Analysts noted that even a $100,000 trade could trigger significant price swings, suggesting a lack of strong demand.

流动性问题进一步加剧了PI网络的不稳定性。尽管在OKX，BITGET和MEXC等主要交易所中列出，令牌面临较低的市场深度，使其非常容易受到波动的影响。分析师指出，即使是100,000美元的交易也可能触发大幅度的价格波动，这表明缺乏强劲的需求。

4. Weak Performance of Newly Launched Tokens

4。新推出的代币的性能较弱

Pi Network's collapse follows a broader trend of newly launched tokens struggling to maintain their value. Several high-profile tokens, including Wormhole and ZKsync, initially experienced price surges but later saw substantial declines. Even established projects like EigenLayer witnessed a sharp drop from $5.6 to $2. Similarly, meme coins associated with former U.S. President Donald Trump and Melania Trump have plunged by over 80% from their peak values.

Pi Network的崩溃遵循了新推出的代币努力维持其价值的更广泛的趋势。包括虫洞和Zksync在内的几个备受瞩目的令牌最初经历了价格飙升，但后来却大幅下降。即使是像Eigenlayer这样的已建立的项目，也见证了$ 5.6的急剧下降到2美元。同样，与前美国总统唐纳德·特朗普（Donald Trump）和梅拉尼亚·特朗普（Melania Trump）相关的模因硬币也从高峰价值中跌入了80％以上。

The future of Pi Network remains uncertain, with its price currently in a discovery phase. The token's rebound will largely depend on increased demand from investors and further development within its ecosystem. At the time of its mainnet launch, Pi Network had approximately 100 decentralized applications (dApps) on its network. If these applications gain traction, they could serve as a catalyst for price recovery.

PI网络的未来仍然不确定，其价格目前处于发现阶段。令牌的反弹将在很大程度上取决于投资者的需求增加以及其生态系统内的进一步发展。在主网发布时，PI网络在其网络上拥有大约100个分散的应用程序（DAPP）。如果这些应用吸引人，它们可以作为价格回收的催化剂。

A potential listing on top-tier exchanges such as Binance or Coinbase could also provide the much-needed liquidity and legitimacy that Pi Network currently lacks. Binance has initiated a community vote to decide whether to list Pi Network, with the results expected on February 27.

诸如Binance或Coinbase之类的顶级交易所的潜在上市也可以提供PI Network当前缺乏的急需的流动性和合法性。 Binance已发起社区投票，以决定是否列出PI网络，预计将于2月27日获得结果。

Pi Network's mainnet launch was expected to be a milestone event, but instead, it has highlighted significant challenges, including liquidity constraints, centralization concerns, and accusations of fraud. While the project boasts a massive user base, it must address these issues to regain investor trust and stabilize its market position.

PI Network的主网发布预计将是一个里程碑式活动，但相反，它强调了重大挑战，包括流动性限制，集中式关注和指控欺诈。尽管该项目拥有大量的用户群，但必须解决这些问题，以恢复投资者信任并稳定其市场地位。