Pump.fun's PUMP token has suffered a significant decline since its ICO, dropping over 63% from its launch price. During a recent livestream, co-founder Alon Cohen confirmed that a highly anticipated airdrop would not occur soon, leading to increased selling pressure among investors. Although Pump.fun operates successfully as a meme coin launchpad, generating substantial revenue, this has not translated to PUMP's token performance. Many presale participants have sold or transferred their tokens, further exacerbating the downward trend. The PUMP token currently trades at approximately $0.0024, making it the worst performer in the top 100 coins, and technical analysis indicates a strong downtrend. Indicators like the RSI are in oversold territory, while the ADX suggests that selling pressure has plenty of room to grow. Immediate support for PUMP is found at $0.00239, with resistance levels much higher, indicating the path of least resistance remains downward. With declining trading activity and increased competition from rival meme coins, the outlook for PUMP appears grim.

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