Pump.fun's PUMP token has plummeted over 63% since its ICO, dropping to $0.0024 despite a $600 million fundraising success. The platform, a Solana meme coin launchpad, struggled due to unmet expectations, particularly with the cancellation of a widely anticipated airdrop. This has prompted mass sell-offs from initial investors, leading nearly 60% of presale participants to liquidate their holdings. Compounding the issue, a $5.5 billion class-action lawsuit alleging unlicensed casino operations heightens investor concerns. As PUMP’s trading activity declined significantly, competitor LetsBonk gained traction in the meme coin market. Technical indicators show a strong downtrend, with the Relative Strength Index indicating extreme overselling and no signs of recovery. With significant support levels identified, the outlook remains bearish unless PUMP can break certain resistance thresholds. The general sentiment among investors is increasingly pessimistic as they await further developments in both the token's future and market conditions.

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