Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million. Despite the broader crypto market remaining stable, PUMP has seen a drastic decline, now trading at around $0.0024. This drop was exacerbated when co-founder Alon Cohen announced during a livestream that an anticipated airdrop would not happen anytime soon, prompting many investors to sell. A lawsuit has further complicated matters, alleging the company operates an unregulated gambling scheme through meme coin trading. Additionally, competition from other platforms like LetsBonk is eating into Pump.fun's market share. Despite attempts to stabilize PUMP's price, including a repurchase of $20 million in tokens, daily active users have dropped significantly, and selling pressure remains high. Technical analysis reveals strong bearish signals, indicating further declines unless PUMP can break above critical resistance levels.

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