Pump.fun's PUMP token has experienced a significant decline of over 63% since its ICO, now trading at approximately $0.0024. Following a $600 million token sale, the co-founder announced that an anticipated airdrop would not occur soon, causing increased selling pressure. Despite Pump.fun's operational success and substantial revenue, the token's value plummeted, leading to investor panic and sell-offs. Competing platforms like LetsBonk are capturing market share, further contributing to PUMP's poor performance. Technical analysis reveals a bearish outlook for PUMP, with indicators showing strong selling pressure and no signs of reversal. The Average Directional Index confirms a significant downtrend, and the token's immediate support levels sit at $0.00239 and $0.00200. Without a break above $0.0027, the outlook remains bleak for PUMP holders, indicating continued struggle in the current market environment.

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