Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million. The token is currently trading at $0.0024, far below its launch price of approximately $0.007, reflecting investor panic following the absence of a promised airdrop. Co-founder Alon Cohen confirmed no immediate airdrop is imminent, causing many token holders to sell. Additionally, a class-action lawsuit alleges the platform operates an unlicensed casino scheme. Competitor LetsBonk is also gaining market share, exacerbating PUMP's troubles. Technical analysis shows the token is deeply oversold, with indicators signaling continued selling pressure, despite some efforts to stabilize the price. Immediate support is at $0.00239, with resistance around $0.0028. Overall, the crypto market's risk-on sentiment hasn't improved PUMP's situation, indicating a severe downturn is likely.

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