Pump.fun's PUMP token has fallen over 63% since its ICO despite the overall crypto market maintaining stability. Launched with high expectations following a $600 million ICO, PUMP is now trading at $0.0024, considerably below its initial value. Investors are disillusioned after co-founder Alon Cohen stated that a promised airdrop would not occur soon. Moreover, a class-action lawsuit accusing Pump.fun of operating an unlicensed casino scheme has compounded investor anxiety, leading many to exit. Since its launch, nearly 60% of presale participants have sold their tokens, exacerbating the sell pressure. Daily activity within the platform has dropped 70%, signaling decreased interest. Technical analysis reveals a bleak outlook for the PUMP token, with indicators such as the RSI in oversold territory and a strong downward trend established. The only potential for short-term recovery lies in minor bullish movements on an hourly chart, but generally, the market trend remains downward with key resistance levels above current prices.

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