Pump.fun's PUMP token has plummeted over 63% since its initial coin offering (ICO), which raised $600 million. The token currently trades at $0.0024, significantly below its ICO price, leading to investor panic and selling. The decline began after the co-founder announced that a much-anticipated airdrop of the token would not occur soon, increasing sell pressure. Comparatively, competitors are gaining market share while Pump.fun experiences a decrease in daily users and revenue. Bearish market trends reinforce this downward trajectory, with key technical indicators suggesting a lack of bullish momentum. The token's price dynamics show a prevailing downtrend, with immediate support at $0.00239 and resistance at $0.0028, while projections for strong recovery seem grim as investor confidence wanes amidst legal scrutiny and operational challenges. In summary, PUMP token's performance struggles reflect broader concerns regarding viability and market conditions, compelling traders to rethink their positions in this meme coin ecosystem.

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