Pump.fun's PUMP token has plummeted over 63% since its ICO, trading currently at $0.0024, down from a $4 billion valuation after a $600 million ICO. The decline was triggered by the co-founder's announcement that a long-awaited token airdrop would not occur soon, resulting in mass sell-offs among investors. Despite Pump.fun's operational success and substantial revenue generation, the token's performance has disappointed many. Additionally, a class-action lawsuit alleges that the platform engages in unlicensed gambling via meme coin trading. The PUMP token's failure to maintain investor confidence is exacerbated by declining user activity and increasing competition from rival projects, leading to significant sell pressure and bearish market indicators. Technical analysis reveals an ongoing downtrend with no signs of recovery, indicating that traders are likely to face continued losses until substantial changes are made for the token's future viability.

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