PI Network（PI）在800萬令牌解鎖後損失了其價值的四分之一

PI Network（PI）在一天內損失了其價值的四分之一，在新鮮800萬PI令牌被解鎖後，從高點1.40美元撤退到1.10美元左右。

Cryptocurrency prices can be notoriously volatile, and this week, Pi Network (PI) experienced a dramatic downturn.

加密貨幣價格可能會聞名是波動的，本週，PI Network（PI）經歷了巨大的低迷。

The token’s price plummeted by a quarter in a single day, sliding from highs of $1.40 to around $1.10 after a fresh 8 million PI tokens were unlocked into circulation.

代幣的價格在一天之內下降了四分之一，在新鮮800萬個PI代幣被解鎖後，高點從1.40美元下滑至1.10美元。

The drop, which reversed a 100% rally just hours earlier, has placed renewed focus on PI’s volatile trading activity and the upcoming 13 million token unlock scheduled for May 15—a supply event that could add further downside pressure.

該跌幅在幾個小時前扭轉了100％的集會，已將重點放在PI的波動交易活動上，即將於5月15日定於5月15日進行的1300萬個代幣解鎖，這一供應活動可能會增加下行壓力。

Abrupt decline follows week of trading interest

突然下降是在交易興趣的一周之後

The abrupt decline began shortly after a week of intense trading interest.

一周激烈的交易興趣之後，突然下降開始了。

On some exchanges, PI rose from around $0.70 to $1.29 and briefly peaked at $1.40 before retracing.

在某些交流中，PI從$ 0.70上漲至1.29美元，在回溯之前以1.40美元的價格達到頂峰。

Source: CoinMarketCap

資料來源：CoinMarketCap

The surge saw a 24-hour trading volume of roughly $1.63 billion, propelled by significant on-chain activity.

這次激增的交易量約為16.3億美元，這是由重大鍊活動推動的。

One transaction alone involved 90 million PI tokens, indicating the growing influence of whale trades on short-term market direction.

僅一項交易就涉及9000萬個PI令牌，表明鯨魚交易對短期市場方向的影響不斷增長。

Token unlock triggers sell-off

令牌解鎖觸發器的拋售

The May 11 sell-off coincided with the scheduled release of 8 million previously locked tokens, adding fresh supply into the market.

5月11日的拋售恰逢預定發布的800萬以前鎖定令牌，從而增加了新的供應。

While token unlocks are routine for most crypto projects, the scale of this release triggered an immediate reaction from traders who rushed to offload positions in anticipation of dilution.

對於大多數加密項目而言，令牌解鎖是常規的，但該版本的規模引發了貿易商的立即反應，他們急於以稀釋為稀釋。

Pi Network’s upcoming May 15 unlock could introduce an even greater 13 million PI tokens to exchanges.

PI Network即將到來的5月15日解鎖可能會引入更大的1300萬PI令牌進行交流。

This has raised concerns among investors about whether the platform’s demand-side fundamentals can absorb such increases in circulating supply without further price erosion.

這引起了投資者的擔憂，即該平台的需求端基本面是否可以吸收循環供應的這種增加而不會進一步侵蝕。

Some analysts note that unless the Pi Core Team makes a significant announcement before or during the May 15 unlock, PI’s price could test support zones near $0.80 or even $0.60.

一些分析師指出，除非PI Core團隊在5月15日解鎖之前或期間發表重大公告，否則PI的價格可能會測試支撐區接近0.80美元甚至0.60美元。

The possibility of a cascade sell-off has grown more likely in the absence of new utility updates or listings.

在沒有新的公用事業更新或列表的情況下，級聯拋售的可能性越來越大。

Despite the steep correction, community speculation remains active around a potential listing of PI on centralised exchanges.

儘管採取了巨大的糾正，但社區的投機活動仍然圍繞著集中式交流的PI潛在清單而活躍。

Over the past week, rumours surfaced about an imminent Binance listing, which contributed to the surge in both price and volume. These rumours remain unverified at the time of writing.

在過去的一周中，關於即將到來的binance上市的謠言浮出水面，這導致了價格和數量的增長。在寫作時，這些謠言仍未得到證實。

Adding to the speculation is an expected statement from the Pi Core Team scheduled for May 14.

PI Core團隊計劃於5月14日提出的預期聲明，這是預期的。

Details about the nature of this update have not been disclosed, but the timing—just one day before the next major token unlock—has led to expectations of either a product rollout, exchange partnership, or mainnet progress report.

有關此更新性質的詳細信息尚未透露，但是時間（僅在下一個主要令牌解鎖之前的一天）就導致了對產品推出，交流合夥企業或Mainnet進度報告的期望。

Many in the community consider the upcoming announcement as a make-or-break moment.

社區中的許多人認為即將發布的公告是一個或破壞的時刻。

If the developers fail to meet expectations, sentiment could sour further, increasing the likelihood of sustained price weakness through the second half of May.

如果開發商無法滿足期望，情緒可能會進一步變化，從而增加了在5月下半年持續價格弱點的可能性。

Volatility highlights price discovery

波動率突出了價格發現

While Pi Network’s volatility has unsettled some traders, others argue that PI is still undergoing price discovery—a common phase in the lifecycle of emerging crypto assets.

儘管PI Network的波動率使一些交易者感到不安，但其他人則認為PI仍在經歷價格發現，這是新興加密資產的生命週期中的常見階段。

During this period, large fluctuations are not unusual as the market searches for fair value based on supply, demand, and speculative interest.

在此期間，由於市場基於供求，需求和投機性利益尋求公允價值時，大波動並不罕見。

Since trading began on centralised platforms in December 2023, PI has lacked a fully defined value range due to restricted withdrawals and limited exchange support.

自2023年12月在集中式平台上開始交易以來，由於撤回限制和交換支持有限，PI缺乏完全定義的價值範圍。

As these constraints gradually lift and token unlocks proceed, the asset’s price is expected to stabilise, though near-term movements are likely to remain headline-driven.

隨著這些限制逐漸提高並釋放代幣的進行，儘管近期變動可能仍然以標題為導向，但資產的價格預計將穩定下來。

That said, the upcoming 13 million token release will be a key test for Pi Network’s resilience. If the project can pair this with a tangible update or exchange news, it could prevent further decline.

也就是說，即將到來的1300萬個令牌發布將是PI Network彈性的關鍵測試。如果該項目可以將其與切實的更新或交換新聞配對，則可以防止進一步下降。

But in the absence of such developments, traders may see deeper retracements before a new support floor is established.

但是，在沒有此類發展的情況下，交易者可能會在建立新的支撐樓之前看到更深層的回溯。