备受期待的主网发布后，PI Network的令牌在不到24小时内下降了65％

代币进入市场的价值低于IOU价格预测超过60美元，不久后，它下降到1美元以下

Pi Network’s token (PI) has seen a sharp decline of over 65% in less than 24 hours following its much-awaited mainnet launch. The token entered the markets at lower values than the IOU price predictions of over $60, and shortly after launch, it dropped below the $1 mark as holders started taking exit positions.

PI Network的代币（PI）在已久期通知的主网发布后不到24小时内急剧下降了65％以上。代币以低于60美元的价格预测的价格低于60美元的价值，而推出后不久，随着持有人开始退出职位，它下降到1美元以下。

Pi Network officially launched its open mainnet on Thursday morning, allowing users to finally trade PI on centralized exchanges for the first time. The token debuted on platforms such as OKX, Gate.io, Bitget, and Pionex, reaching a peak price of $2.1 before nosediving. Early Friday Asian market trading hours saw the token accelerate downwards to $0.6, reaching its all-time low value, per Coingecko data.

PI Network在周四早上正式推出了开放式大型网络，使用户最终可以首次在集中交易所进行PI交易。该代币在OKX，Gate.io，Bitget和Pionex等平台上首次亮相，在鼻子上达到了2.1美元的高峰价格。周五上旬，亚洲市场交易小时的时间使该代币降至0.6美元，每个套餐数据达到其历史最低价值。

Have Pi holders commenced profit-taking?

PI持有人是否开始获利？

Investors are talking about the huge selloff on social media platforms. Some crypto traders on X have doubts about PI’s huge 100 billion token limit. One trader said that Pi Network didn’t give ample Know Your Customer (KYC) permissions to users who had larger amounts of PI. This has made it harder for them to move coins to the mainnet.

投资者正在谈论社交媒体平台上的巨大抛售。 X上的一些加密货币交易者对PI的1000亿代币限制感到怀疑。一位交易员说，PI网络并没有给您的客户（KYC）许可，以了解拥有大量PI的用户。这使他们很难将硬币移到主网。

“PI Network will never recover due to their total supply of 100 billion PI,” the trader wrote. “It looks like the team dumped on retail investors using hype.”

交易员写道：“由于PI网络的总供应1000亿pi，PI网络将永远不会恢复。” “看来该团队使用炒作倾倒了散户投资者。”

Replying to the naysayer, Pi coin supporters bashed the allegations, with one disclosing they successfully underwent the verification and transferred over 2,000 tokens. Another market observer echoed liquidity concerns, claiming the token’s total market value had suffered a staggering $100 billion loss since launch.

Pi Coin支持者在回复反对者时抨击了这些指控，其中一项披露他们成功接受了验证并转移了2000多个令牌。另一个市场观察家回应了流动性问题，声称该令牌的总市场价值自推出以来损失了1000亿美元。

“70% down from ATH, $100B+ wiped out of FDV, 10% up from ATL,” the trader reckoned. “Retail investors lost billions, airdrop farmers dumped their bags, and as I predicted, PI collapsed right after TGE.”

交易员估计：“从ATH下降了70％，从FDV降低了100B美元，从ATL上升了10％。” “散户投资者损失了数十亿美元，空投农民抛弃了行李，正如我所预料的那样，PI立即在TGE之后倒塌。”

Solana memecoin launchpad activity cools down

Solana Memecoin Launchpad活动会冷却

Solana’s Pump.fun, the blockchain’s leading token launchpad, has seen a significant drop in new token launches and revenue in recent weeks. According to Solscan data, the number of daily token launches on Solana plunged to its lowest daily launch of 27,820 last Wednesday, an approximately 70% decline from the 2025 high of 95,578 seen on January 26.

区块链领先的代币发射台的索拉纳（Solana）泵。根据Solscan数据，上周三的每日代币的数量下降到了其每日最低的27,820，比2025年1月26日看到的95,578的高点下降了约70％。

On the same day, Pump.fun, which is responsible for more than half of all Solana token launches, recorded just 35,152 new tokens, its weakest performance since December 2024. According to a Dune Analytics dashboard, revenue also tumbled to $1.69 million, the lowest since early November.

同一天，pump.fun负责所有Solana代币发射的一半以上，仅记录了35,152个新令牌，这是自2024年12月以来最弱的表现。自11月初以来最低。

January was among Pump.fun’s most active months, buoyed by political figures like US President Donald Trump and his wife, Melania, launching tokens before the former took up his presidential duties. As of the time of this publication, the platform has over 7.8 million tokens launched, with over 13.578 million addresses. Data from Solana-based artificial intelligence (AI) decentralized exchange, Boltrade.ai, revealed 82% of Pump.fun’s volume has crashed since Christmas Day.

一月是泵。Fun最活跃的月份，受到美国总统唐纳德·特朗普（Donald Trump）和他的妻子梅拉尼亚（Melania）等政治人物的鼓舞，在前者负责总统职责之前，发射了代币。截至该出版物时，该平台推出了超过780万个令牌，拥有超过13578万个地址。基于Solana的人工智能（AI）分散交易所Boltrade.ai的数据显示，自圣诞节以来，Fumprade的82％的数量已崩溃。

1/ https://t.co/FcpcwRedjZ is a Farm for Insiders & Dev Rugs

1/https://t.co/fcpcwredjz是内部人士和开发地毯的农场

10-20K tokens minted daily, all free—sounds bullish? Nah. Most are dead in hours.

10-20k代币每天铸造，全部免费 - 单调看涨？不。大多数人在几个小时内死亡。

Only 2-5 pumpfuns launched in the last few days are still above $1M

在过去几天中，只有2-5个南瓜仍超过100万美元

Last week, pumpfun's graduating rate dropped to 0.87% (the… pic.twitter.com/gAiFxMYnZP

上周，Pumpfun的毕业率下降到0.87％（pic.twitter.com/gaifxmynzp

— Boltrade (@boltrade_ai) February 21, 2025

-Sultultade（@boltrade_ai）2025年2月21日

The exchange shows that most token developers have launched coins to use investors as exit liquidities, which is why fewer than 10 token trading volumes have managed to stay above $1 million for more than 3 days to a week.

该交易所表明，大多数代币开发商都推出了硬币，将投资者用作退出水平，这就是为什么少于10个令牌交易量的原因量超过100万美元超过100万美元，超过3天至一周。

Argentine President Javier Milei is also partly to “blame” for the memecoin launch cooldown after he promoted a memecoin called Libra (LIBRA) on February 14 through his official X account. Milei claimed Libra was linked to Argentina’s initiative to support the growth of small businesses.

阿根廷总统贾维尔·麦利（Javier Milei）在2月14日通过其官方X帐户推广了一个名为Libra（天秤座）的Memecoin后，也部分地将Memecoin发射的责任冷却。米利声称，天秤座与阿根廷有关支持小型企业发展的倡议有联系。

A few hours later, the Argentine leader rescinded his sentiments on the memecoin and deleted the post. But not before the token’s creators faced allegations of insider trading that purportedly helped developers initiate a $251 million rug pull within hours. According to blockchain analytics firm Nansen, over 80% of LIBRA traders suffered losses of at least $1,500.

几个小时后，阿根廷领导人取消了他对纪念因素的观点，并删除了该职位。但是，在代币的创建者面临内幕交易的指控之前，据称开发商在数小时内启动了2.51亿美元的地毯。根据区块链分析公司Nansen的数据，超过80％的天秤座交易者的损失至少为1,500美元。

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