Why Won’t PUMP Stop Dumping? Bears Are in Complete Control
Pump.fun's PUMP token has plummeted over 63% since its ICO despite a successful launch that raised $600 million. The token's price now sits at $0.0024, far below its initial valuation. The significant decline is attributed to broken promises regarding airdrops, as co-founder Alon Cohen announced no immediate airdrop would occur, disappointing investors. This has fueled sell pressure, leading to nearly 60% of presale participants exiting their positions. The increasing competition from other meme coin platforms, specifically LetsBonk, has further exacerbated the situation. Technical analysis indicates that PUMP is in a strong downtrend, with key indicators signaling continued selling pressure. Key resistance levels are identified at $0.0028 and $0.00340, while support is noted at $0.00239 and $0.00200. Overall, without any shifts in sentiment or external market improvements, the outlook for PUMP remains grim with ongoing bearish trends.
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