Pump.fun's PUMP token has plummeted over 63% since its ICO, trading now at $0.0024, well below its initial price. Following a $600 million ICO, the token's disappointing performance contrasts sharply with the platform's operational success, which has seen significant revenue generation. A notable factor in the price decline was the announcement by co-founder Alon Cohen that a planned airdrop won't occur soon, disheartening investors who had anticipated it. This disappointment is compounded by a class-action lawsuit accusing Pump.fun of running an unlicensed gambling operation. Most presale participants have offloaded their tokens, further intensifying sell pressure. Technical analysis reveals a grim outlook for PUMP, as indicators point to a strong downtrend with minimal signs of recovery. The Relative Strength Index (RSI) indicates extreme selling pressure, while the Average Directional Index (ADX) confirms a powerful downward trend. Despite a slight glimmer of hope for day traders on short ranges, the overall sentiment remains bearish, with resistance levels making a substantial rebound unlikely in the near future.

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