Pump.fun's PUMP token has plummeted over 63% since its ICO, despite a broader stable crypto market. The token debuted at a valuation of $4 billion but now trades at $0.0024, prompting frantic selling by investors following the announcement of no immediate airdrop. Co-founder Alon Cohen’s confirmation regarding the airdrop sparked disappointment, leading to increased sell pressure. Furthermore, a lawsuit alleging Pump.fun operates an unlicensed casino scheme has compounded investor concerns. Nearly 60% of presale participants have sold or transferred their tokens, worsening the token’s decline. Competitor LetsBonk has also gained market share, impacting Pump.fun's performance. Technical indicators paint a grim picture for PUMP, with bearish trends dominant in the charts. Traders are seeing no signs of recovery, as the token remains deep in oversold territory and under significant downward pressure. Immediate support and resistance levels are established at $0.00239 and $0.00340 respectively, but the outlook remains pessimistic for PUMP holders.

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