尽管有嗡嗡声

Altcoin博士在对X的分析中指出，PI Network的标记学仍然不透明。他强调了平台的锁定和燃烧机制的担忧，说

Dr. Altcoin, a crypto analyst known for his X (formerly Twitter) analysis, has weighed in on why Pi Network's token has still not been listed on major exchanges despite its widespread popularity.

Altcoin博士是一位以其X（以前是Twitter）分析而闻名的加密分析师，他一直在考虑为什么Pi Network的代币仍未在主要交流中列出，尽管它广泛流行。

In his analysis, Dr. Altcoin pointed out that the lack of transparency on the locking and burning mechanism for the billions of Pi coins owned by the Pi Core Team (PCT) is a key concern.

Altcoin博士在分析中指出，PI Core Team（PCT）拥有数十亿个PI硬币的锁定和燃烧机制缺乏透明度是一个关键问题。

"I think the Pi Core Team has not been transparent enough about the locking and burning mechanism of the billions of Pi coins owned by the PCT," Dr. Altcoin stated.

Altcoin博士说：“我认为PI核心团队对PCT拥有数十亿个PI硬币的锁定和燃烧机制的锁定和燃烧机制还不够透明。”

This lack of clarity is crucial as regulatory concerns and investor protection are top priority for platforms like Binance and Bybit, two leading exchanges that have yet to list Pi.

缺乏明确性至关重要，因为监管问题和投资者的保护是Binance和Bybit等平台的重中之重，Binance和Bybit是两个尚未列出PI的领先交易所。

"This lack of transparency is a key concern for exchange listing, especially with regulatory bodies increasing their focus on crypto in 2025," Dr. Altcoin added.

Altcoin博士补充说：“缺乏透明度是交换上市的关键问题，尤其是随着监管机构在2025年增加对加密货币的关注。”

Another issue that’s hampering Pi Network’s listing is the recent decrease in its circulating supply. Currently, the total circulating supply of Pi is 6.77 billion, after removing 10 million coins. Dr. Altcoin thinks this might be price control before the upcoming token unlock.

妨碍PI网络列表的另一个问题是其循环供应最近的下降。目前，删除1000万个硬币后，PI的总循环供应为67.7亿。 Altcoin博士认为，这可能是即将到来的令牌解锁之前的价格控制。

Industry experts warns that without clear communication from the Pi Core Team, this move will be perceived as market manipulation.

行业专家警告说，如果没有PI核心团队的明确沟通，此举将被视为市场操纵。

"The Pi Core Team should have communicated this move more effectively to avoid any ambiguity," an expert said.

一位专家说：“ PI Core团队应该更有效地传达这一举动以避免任何歧义。”

Moreover, historical data shows that previous token unlocks triggered a price drop, and everyone is concerned about Pi’s stability as a tradable asset.

此外，历史数据表明，以前的令牌解锁触发了价格下跌，每个人都担心PI作为可交易资产的稳定性。

Key Observations:

关键观察：

* Total Pi Supply: 6.77 billion (after recent removal of 10 million coins)

* PI总供应：67.7亿（最近清除1000万枚硬币）

* Current Pi Price: $1 (down 66% from its all-time high of $2.98 in February)

*当前的PI价格：$ 1（比2月的2.98美元的历史高处下跌66％）

* Previous Token Unlock Impact: Triggered a sharp decline in Pi’s market value

*以前的令牌解锁影响：PI的市场价值急剧下降

Some investors support the supply reduction as a way to maintain price stability, while others argue that transparency is the issue preventing exchange listings.

一些投资者支持减少供应，以维持价格稳定性，而另一些投资者则认为透明度是阻止交换清单的问题。