PUMP, the token from Pump.fun, has plummeted over 63% since its ICO just weeks ago, failing to maintain the momentum it built during its launch. This significant decline comes despite a bullish crypto market where Bitcoin and other altcoins are performing well. The drop is attributed to the announcement from co-founder Alon Cohen that no airdrop would occur soon, significantly disappointing investors who hoped for immediate returns. Consequently, the lack of investor confidence has led to a massive sell-off, with nearly 60% of presale participants divesting their tokens. Moreover, active users and revenues on Pump.fun have dropped dramatically, further exacerbating the situation. The PUMP token currently trades at $0.0024, and all technical indicators signal continued selling pressure. Recent market activity shows no signs of a turnaround, with major support levels failing and the market sentiment remaining bearish. Key resistance levels have also been established but would require significant upward movement to breach. As Pump.fun navigates these challenges, it remains to be seen if recovery is possible, highlighting the precarious nature of meme coin investments.

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