Pump.fun's PUMP token has plunged over 63% since its launch, following a highly publicized $600 million ICO. Despite the broader crypto market proving resilient, PUMP's value has drastically diminished, with the token now trading at $0.0024. Market dynamics have shifted, as disappointed investors reacted to the co-founder's announcement that a promised airdrop would not occur in the near future, amplifying selling pressure. Nearly 60% of presale participants have sold their tokens, adding to the decline. Recent legal issues amplifying concerns about the token's legality and its zero-vesting model further contribute to investor anxiety. Technical analysis suggests a continued downtrend, with critical support around $0.00239 and resistance seen at $0.0028. The overall sentiment reflects a strong bearish trend, with traders facing pressure and with no substantive signals for a reversal in sight. PUMP's ongoing activity reveals dwindling user engagement and revenue, painting a bleak outlook for its immediate future.

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