Pump.fun's PUMP token has plummeted over 63% since its launch, despite the crypto market's overall resilience. After a $600 million ICO, the token debuted strongly but quickly fell into a downward spiral, trading at just $0.0024. The situation worsened when co-founder Alon Cohen announced that an anticipated airdrop would not occur soon, prompting frustrated investors to sell. A lawsuit alleging unlicensed gambling operations has added to negative sentiment. The token's model, designed for immediate liquidity, backfired as nearly 60% of presale participants sold off their tokens. Competing platform LetsBonk has been gaining traction, further impacting Pump.fun's performance. Technical analysis indicates PUMP is firmly in a downtrend, with indicators showing extreme selling pressure. The short-term outlook remains bleak, with any potential rallies facing significant resistance while support levels are at risk of breaking.

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