Pump.fun's PUMP token has seen a dramatic decline of over 63% since its ICO, dropping to around $0.0024. Factors contributing to this downturn include the announcement by co-founder Alon Cohen that an anticipated token airdrop would not occur soon, disappointing investors and triggering selling pressure. Despite the platform's operational success, generating substantial revenue, the token has struggled under relentless selling pressure, with around 60% of presale participants having sold their tokens. A class-action lawsuit also complicates matters, alleging the platform operates an unlicensed casino scheme. Analysis reveals that PUMP is experiencing a strong downtrend with technical indicators suggesting persistent bearish momentum. The Relative Strength Index indicates extreme selling pressure, and the Average Directional Index confirms significant downward trend strength. Without a clear reversal point or bullish momentum, the outlook remains grim, with immediate support at $0.00239 and a lack of significant buying interest prevailing in the market.

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