PI Network面临令牌解锁压力，因为6.68亿代币威胁到市场需求

PI网络曾经是加密货币世界中的后起之秀，随着代币解锁日程安排有可能压倒市场需求，PI网络现在处于压力下。

Crypto project Pi Network is quickly running out of time to salvage its token from the threat of a massive sell-off that could be triggered by a record token unlock and thinning liquidity, Together V defi review.

Crypto Project Pi Network迅速耗尽了时间，无法从巨大售罄的威胁中挽救其代币的威胁，该威胁可能是由记录的令牌解锁和稀疏流动性触发的，v defi Review。

The project, which began in 2019, has seen its token, Pi, steadily lose value since its May launch price of $0.34. Now trading at $0.66, Pi has slid 50% from its July highs.

该项目始于2019年，它已经看到其令牌，PI稳步失去了价值，因为其5月份的发行价为0.34美元。现在的交易价格为0.66美元，PI从7月的高点下滑了50％。

That downturn could worsen in the months ahead as a record period of token unlocks threatens to overwhelm market demand and send prices spiraling downward.

随着创纪录的令牌解锁的创纪录时期，这种下滑可能会恶化，这有可能使市场需求压倒并使价格下降。

Here’s a closer look at the key indicators that could decide if Pi survives the next stage of its journey.

以下是可以决定PI在旅途的下一个阶段是否生存的关键指标。

Token unlocks set to outpace prior periods

令牌解锁设置为前期超过空间

Data from blockchain analytics firm PiScan shows that a total of 668 million Pi tokens are set to be unlocked in the second quarter of 2024.

区块链分析公司Piscan的数据表明，在2024年第二季度，总共将解锁6.68亿个PI令牌。

That figure dwarfs any prior period of unlocks, with the next highest total being the 500 million tokens set to unlock in the fourth quarter of 2026.

该数字划分了任何以前的解锁时期，第二个最高总数是2026年第四季度的5亿个令牌。

The main period of token unlocks is set to begin in May and continue through July.

令牌解锁的主要时期定于5月开始，并持续到7月。

At the same time, the amount of Pi tokens held by centralized exchanges has soared in recent months, suggesting many holders are preparing to sell their tokens.

同时，近几个月来，集中交易所持有的PI代币数量飙升，这表明许多持有人正在准备出售其令牌。

According to PiScan, the total balance of Pi on exchanges has now surged past 387 million. That’s a threefold increase from the 100 million tokens held on exchanges in January.

根据Piscan的说法，交流的PI总余额现已飙升，超过3.87亿。这比一月份在交易所的1亿个代币增加了三倍。

Among exchanges, Bitget and OKX are the main platforms holding Pi, with the two exchanges together controlling more than 60% of the exchange-held tokens.

在交流中，BitGET和OKX是持有PI的主要平台，两次交换共同控制了超过60％的Exchange保存令牌。

Drying up trading activity

干燥交易活动

Together, these figures point to a potential surge in Pi sell-side pressure, which could be problematic given the fact that trading interest has been waning.

这些数字共同表明，PI卖方压力的潜在激增，鉴于交易兴趣正在减弱，这可能是有问题的。

Data from CoinGecko shows that daily Pi trading volume has plunged 96% from its launch highs. At its peak, Pi’s daily trading volume was $1.3 billion, but that figure has since fallen to just $45 million.

Coingecko的数据表明，每日PI交易量从其发布高点跌落了96％。在其顶峰时，PI的日常交易量为13亿美元，但此后的数字已下跌至4500万美元。

The rapid decline in trading volume comes at a time when a record period of token unlocks is set to begin, signaling that buying interest is drying up just as supply is about to flood the market.

交易量的迅速下降是在设定创纪录的令牌解锁时期开始的时候，这表明购买利息正在枯竭，就像供应将泛滥成灾一样。

Despite these warning signs, optimism remains high among Pi’s most devoted supporters.

尽管有这些警告信号，但在PI最敬业的支持者中，乐观仍然很高。

Unverified claims that Binance may soon list Pi have helped to keep some enthusiasm alive among the project’s community.

未经验证的说法，即Binance可能很快列出了PI有助于在项目社区中保持一些热情。

Meanwhile, the anticipated appearance of Pi founder Nicolas Kokkalis at Consensus 2025 has also been a key talking point among Pi supporters on social media.

同时，PI创始人尼古拉斯·科卡利斯（Nicolas Kokkalis）在2025年共识中的预期外观也是社交媒体上PI支持者中的重要话题。

Earlier this year, Pi also announced integrations with Chainlink and Telegram’s crypto wallet, which are being seen as steps toward building broader utility for the project.

今年早些时候，PI还宣布了与Chainlink和Telegram的加密钱包的整合，这些钱被视为为该项目建立更广泛的公用事业的步骤。