PI网络准备解锁2.65亿以前限制令牌，这可能是2025年最关键的时刻之一

当PI网络准备解锁以前限制代币的2.65亿个可能成为该项目最关键的时刻之一，加密货币社区正在嗡嗡作响。这个大规模发行，代表

Anticipation is brewing in the cryptocurrency community as Pi Network prepares to unlock 265 million previously restricted tokens. This event, which could become one of 2025’s most pivotal moments, will see nearly 30% of Pi’s circulating supply released at once. As analysts prepare their outlooks, predictions are stark—suggesting either a 234% price surge or a potential “unlock dump” scenario. For millions of Pi miners who’ve waited years to monetize their holdings, this event brings both opportunity and uncertainty.

由于PI网络准备解锁以前限制令牌的2.65亿，因此在加密货币社区中进行了预期。这项活动可能成为2025年最关键的时刻之一，它将立即发布PI循环供应量的近30％。随着分析师准备自己的前景，预测是鲜明的 - 价格上涨了234％或潜在的“解锁转储”情况。对于数百万的PI矿工而言，他们已经等待了数年的股份来获利，这项活动既带来机会又带来不确定性。

What makes this token unlock particularly interesting is Pi Network’s unique position in crypto—it’s a mobile-mined currency with over 45 million engaged users but has yet to be widely listed on major exchanges. But as the unlock date approaches, we must delve deeper than surface-level predictions to understand the broader factors at play. This analysis examines the implications of the unlock for Pi’s ecosystem sustainability, the psychological impact on miners, and ultimately, its chances of joining the ranks of legitimate altcoins rather than remaining a speculative experiment.

使该代币解锁特别有趣的是Pi Network在加密货币中的独特地位 - 它是一种移动式货币，拥有超过4500万的用户，但尚未在主要交易所中被广泛列出。但是，随着解锁日期的临近，我们必须比表面级别的预测更深入地研究，以了解更广泛的因素。该分析研究了解锁对PI生态系统可持续性的含义，对矿工的心理影响，以及最终，它加入了合法山寨币等级而不是进行投机实验的机会。

Understanding the Unlock: Why 265 Million Pi Network Tokens Matter

了解解锁：为什么2.65亿PI网络令牌很重要

The impending release of 265 million Pi tokens—which kicks off on July 15, 2025—isn’t just another crypto vesting event. These tokens accrue years of mining rewards that were initially locked to prevent market flooding during Pi’s development phase. According to Pi Network’s whitepaper, this unlock was always planned as part of its “gradual decentralization” roadmap, but the timing coincides with increasing pressure from the Pi community for greater liquidity.

即将在2025年7月15日开始的2.65亿个PI代币的释放不仅仅是另一个加密归属活动。这些代币产生了多年的采矿奖励，这些奖励最初被锁定以防止PI开发阶段的市场洪水。根据PI Network的白皮书，该解锁始终是其“逐步权力下放”路线图的一部分计划的，但是时间安排与PI社区的压力增加相吻合，以提高流动性。

This large-scale release is generating significant interest. TokenUnlocks analytics projects that the unlock could increase Pi’s circulating supply by 28% in a single day, placing immediate sell-side pressure on the token. However, Pi’s unusual distribution model—catering mostly to retail users over institutional investors—might yield different behavior than typical unlock events. Early data from grey markets shows some miners are holding for higher prices, while others are desperate to liquidate years of accumulated Pi, setting the stage for dramatic volatility.

这个大规模发行引起了重大兴趣。 Tokenunlocks分析项目，即解锁可能会在一天内将PI的循环供应增加28％，从而立即对代币造成卖方压力。但是，PI的不寻常的分销模型（主要是零售用户对机构投资者来说）可能与典型的解锁事件产生不同的行为。来自灰色市场的早期数据表明，有些矿工的价格更高，而另一些矿工则迫切希望清算多年的PI累积，这为急剧波动奠定了基础。

The Bull Case: Factors That Could Fuel a 234% Surge

公牛案：可能促进234％激增的因素

Several compelling arguments support the optimistic 234% rally prediction currently circulating in Pi network communities. Firstly, the unlock coincides with Pi Network’s long-anticipated open mainnet transition, which would finally bring full wallet functionality and exchange integrations. Historical patterns show similar “mainnet rallies” in projects like Vechain and Tron, which saw 300-400% gains around their network maturity milestones.

一些引人注目的论点支持当前在PI网络社区中循环的234％的Rally预测。首先，解锁与PI Network的长期期望的开放式Mainnet过渡一致，这最终将带来完整的钱包功能和交换集成。历史模式在Vechain和Tron等项目中显示出类似的“主网集会”，该项目在其网络成熟度里程碑周围获得了300-400％的收益。

Secondly, consider Pi’s enormous user base—if even 10% of 45 million miners decide to buy more during the unlock rather than sell, it could create unprecedented demand against limited exchange liquidity.

其次，考虑一下PI的巨大用户群 - 如果4500万矿工中的10％决定在解锁而不是出售期间购买更多产品，则可能会对有限的汇率流动性产生前所未有的需求。

Thirdly, recent partnership announcements by Pi Network with payment processors in Southeast Asia suggest potential for increasing real-world utility. Technical analysts also note that Pi’s price has formed a textbook falling wedge pattern on limited-exchange charts, which typically precedes breakout rallies. “The stars are aligning for Pi in ways we rarely see in crypto,” claims market strategist Raj Patel. “If they deliver on just half their roadmap promises during this unlock period, then 234% could be conservative.”

第三，PI Network与东南亚的支付处理器的最新合作伙伴关系表明，增加现实世界实用程序的潜力。技术分析师还指出，PI的价格已经在有限交换图表上形成了一本教科书掉落的楔形图案，该图表通常在突破集会之前。市场策略师拉吉·帕特尔（Raj Patel）声称：“恒星以我们在加密货币中很少看到的方式对齐PI。” “如果他们在此解锁期间仅付出一半的路线图承诺，那么234％的人可能是保守的。”

The Bearish Reality Check: Risks That Could Trigger A Crash

看跌现实检查：可能触发崩溃的风险

For all the bullish enthusiasm, several sobering risks could turn the token unlock into a “sell the news” event.

对于所有看涨的热情，几种醒目的风险可能会使令牌解锁变成“出售新闻”活动。

Pi’s trading history shows extreme sensitivity to supply shocks—the last major unlock in 2023 saw prices temporarily drop 65% before recovering. Yet, this release is six times larger.

PI的交易历史显示出对供应冲击的极端敏感性 - 2023年的最后一次重大解锁，恢复之前的价格暂时下降了65％。但是，此版本大了六倍。

Furthermore, Pi still lacks listings on top exchanges like Binance and Coinbase, meaning most selling pressure will be concentrated on smaller platforms with known issues of low liquidity and price stickiness in large trades.

此外，PI仍然缺少诸如Binance和Coinbase之类的顶级交易所上的清单，这意味着大多数销售压力都将集中在较小的平台上，该平台的流动性低和价格较低，大型交易中的价格较低。

Perhaps most concerning is Pi Network’s opaque governance—the core team hasn’t yet disclosed precise unlock mechanics or whether they’ll be able to intervene with liquidity management measures. “Without clear communication, this could become a classic prisoner’s dilemma,” warns crypto economist Lina Zhang. “If miners think others will dump, they’ll preemptively sell, and vice versa, setting up a self-fulfilling crash.” Chainalysis data also shows concerning patterns—over 60% of Pi’s current trading volume comes from just two exchanges, suggesting artificial liquidity that could vanish during real market stress.

也许最令人担忧的是PI Network不透明的治理 - 核心团队尚未披露精确的解锁机制，或者他们是否能够干预流动性管理措施。加密经济学家Lina Zhang警告说：“没有明确的交流，这可能会成为经典的囚犯困境。” “如果矿工认为其他人会倾倒，他们会先发售，反之亦然，设置自我实现的崩溃。”链分析数据还显示了有关模式的数据 - PI当前交易量的60％仅来自两次交流，这表明人工流动性可能在实际市场压力中消失。

These factors suggest that the 234% rally prediction, while possible, represents a best-case scenario requiring flawless execution and ideal market conditions.

这些因素表明，234％的集会预测虽然可能是可能的，但代表了需要完美执行和理想市场条件的最佳情况。

Conclusion: Navigating Crypto’s Most Anticipated Unlock

结论：导航加密货币最期待的解锁

The Pi Network token unlock represents a defining moment—not just for the project’s 45 million users, but also for observing how grassroots crypto communities react to long-awaited liquidity events. While

PI网络令牌解锁代表了一个决定性的时刻 - 不仅仅适用于该项目的4500万用户，还可以观察基层加密社区对期待已久的流动性事件的反应。尽管