Pump.fun's PUMP token has seen a significant decline of over 63% following its ICO, in which it raised $600 million. Despite a robust performance in terms of revenue generation, the token's market cap has dropped considerably, and investor sentiment has soured, especially after co-founder Alon Cohen announced that a promised airdrop would not occur soon. This led to a surge in selling pressure among investors who were expecting additional token distributions. Furthermore, the project faces a $5.5 billion class-action lawsuit, which has compounded concerns. Analysis of market data indicates that PUMP is the worst-performing token among the top 100, with all technical indicators suggesting a downtrend. As a result, even potential rebounds appear short-lived, with significant resistance levels preventing any lasting recovery, reinforcing a bearish market outlook for the token.

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