Why Won’t PUMP Stop Dumping? Bears Are in Complete Control
The PUMP token from Pump.fun has plummeted over 63% since its ICO, despite overall crypto market stability. Following its ICO, which raised $600 million, PUMP has fallen to $0.0024 amidst disappointing investor sentiment and the absence of the promised airdrop. The company's co-founder stated that the airdrop would not occur in the immediate future, leading to increased sell pressure. Furthermore, a $5.5 billion class-action lawsuit claims Pump.fun operates an unlicensed casino scheme, contributing to investor anxiety. With nearly 60% of presale participants having sold their tokens, the downward trend has accelerated. Although the company claims to have repurchased some tokens, it has had little impact. Technical indicators point to a grim outlook, with the PUMP price showing a lack of bullish signals, and the current trajectory remains bearish.
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