Pump.fun’s PUMP token has plummeted over 63% since its ICO, trading now at $0.0024, well below its original price. Despite the crypto market showing resilience, PUMP is in a steep decline following its $600 million launch. The co-founder of Pump.fun announced that no immediate airdrop would occur, which has heightened selling pressure. While Pump.fun continues to generate revenue, activity has drastically decreased with 60% of presale participants selling or transferring their tokens. Charts reveal a grim outlook, as the RSI indicates extreme selling pressure. The ADX is high, indicating a strong downtrend underway. For a reversal, PUMP needs to break above $0.0027, but until then, continued downward momentum seems likely, especially with competitors like LetsBonk gaining traction in the meme coin space.

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