标题：PI Network（PI）代币从ATH坠毁超过73％，1.02m代币解锁

加密货币世界具有挥发性令牌的份额，但是PI Network的Pi代币却引起了特别粗糙的浪潮。

In the dynamic realm of cryptocurrency, tokens are known for their volatility, but Pi Network’s PI token has been charting a particularly turbulent course. After reaching an all-time high of $2.99 on February 26, PI has crashed by over 73%, now hovering around $0.78 — perilously close to its launch price of $0.70. This fall has far outpaced the broader altcoin market, which has only seen a 6.9% dip during the same period.

在加密货币的动态领域中，令牌以其波动而闻名，但是PI Network的Pi代币一直在绘制一个特别动荡的过程。在2月26日达到历史最高水平为2.99美元之后，PI坠毁了73％以上，现在徘徊在0.78美元左右，危险地接近其发行价0.70美元。今年秋天远远超过了更广泛的Altcoin市场，在同一时期，该市场只有6.9％的下降。

While some investors are keenly examining technical patterns for signs of a possible recovery, others are becoming increasingly concerned about deeper issues that could be afflicting the project — from tokenomics to legal controversies.

尽管一些投资者敏锐地研究了可能恢复的迹象的技术模式，但其他投资者越来越关注可能困扰该项目的更深层问题 - 从令牌学到法律争议。

Token Unlocks and an Influx in Supply

令牌解锁和供应涌入

One of the prime forces dragging down PI’s price is its token issuance model. According to blockchain data platform PiScan, over 102 million PI tokens are expected to enter circulation in the next 30 days — an addition of over 1% to the circulating supply. That translates to roughly $82 million in sell-side pressure, or about $2.7 million daily, based on current prices.

拖拉PI价格的主要部队之一是其代币发行模型。根据区块链数据平台Piscan的数据，预计将在接下来的30天内进入循环量超过1.02亿个，向循环供应增加了1％以上。根据目前的价格，这大约约为8200万美元的卖方压力，每天约270万美元。

Sustained pressure of this magnitude is known to have a significant impact on prices, especially for tokens with limited exchange support and apparent real-world use cases. A Keyrock report suggests that 90% of token unlocks result in downward price movements, usually within a 30-day period.

众所周知，这种大小的持续压力会对价格产生重大影响，尤其是对于具有有限的交换支持和明显现实世界中用例的代币。一份钥匙岩报告表明，90％的令牌解锁通常会导致价格下降，通常在30天内。

Growing Pains and Specter of Controversy

越来越多的痛苦和争议的幽灵

Beyond the figures, Pi Network has faced criticism for its structure and transparency. Some have likened the network to a multi-level marketing scheme, raising concerns about how tokens are distributed and promoted, particularly within vulnerable communities.

除了数字之外，PI网络因其结构和透明度而面临批评。有些人将网络比作多层营销计划，引起了人们对代币的分发和推广的担忧，尤其是在弱势社区内。

A report by Chinese law enforcement, recently highlighted by Bybit CEO Ben Zhou, focused on a group that was not authorized by Pi Network and engaged in unauthorized financial and trade activities. The report, part of the nation’s crackdown on blockchain and crypto scams, described how this group targeted elderly users, making false claims about Pi Network to deceive them and harvest their personal data.

Bybit首席执行官Ben Zhou最近强调了中国执法部门的报告，该报告的重点是未经PI Network授权并从事未经授权的金融和贸易活动的团体。该报告是该国对区块链和加密骗局的镇压的一部分，描述了该群体如何针对老年用户，对PI网络提出虚假的主张来欺骗他们并收集他们的个人数据。

In response to the report, Pi Network stated that no official inquiry has been made with Pi Network itself. The project also distanced itself from the third parties mentioned in the report, adding that they have no affiliation with Pi Network and are attempting to deceive users for their own gains.

为了应对该报告，PI网络指出，PI网络本身尚未进行官方查询。该项目还与报告中提到的第三方保持距离，并补充说，他们与PI网络没有隶属关系，并试图欺骗用户自己的收益。

However, skepticism toward Pi Network persists. Prominent industry figures like Moonrock Capital CEO Ivan Monzon have raised concerns about Pi Network’s fully diluted valuation of $26 billion, suggesting it’s driven more by hype than fundamentals.

但是，对PI网络的怀疑仍然存在。像Moonrock Capital Ceo Ivan Monzon这样的著名行业数字引起了人们对PI Network完全稀释的260亿美元稀释估值的担忧，这表明它比基本面更受炒作所驱动。

A Glimpse of Hope for a Rebound

一眼希望反弹的希望

Despite the technical difficulties and broader criticisms, some technical analysts are highlighting a descending wedge pattern in the charts, which could be a classic signal of a potential breakout. Oversold indicators like the RSI (Relative Strength Index) suggest that PI may be poised for a rebound, with optimistic projections pointing toward resistance levels at $1.40 and $1.75.

尽管有技术困难和更广泛的批评，但一些技术分析师仍在凸显图表中的降楔模式，这可能是潜在突破的经典信号。 RSI（相对强度指数）之类的超售指标表明，PI可以预先进行反弹，乐观的预测指向阻力水平为1.40美元和1.75美元。

But for a complete turnaround, Pi Network may need more than just chart patterns. A Binance listing, clearer definition of token utility, or a strategic token burn could be crucial in restoring investor confidence, which has been battered by the recent events.

但是，对于完整的周转，PI网络可能不仅需要图表模式。唯一清单，对令牌公用事业的更清晰的定义或战略代币燃烧对于恢复投资者的信心至关重要，这对最近的事件遭到了损害。

As the dust settles on PI’s volatile journey, its fate will depend on how the project navigates these challenges and adjusts its strategy to meet the evolving needs and concerns of the cryptocurrency community.

随着尘埃落定在Pi的动荡之旅中，其命运将取决于该项目如何应对这些挑战，并调整其战略以满足加密货币社区不断发展的需求和关注点。