The PUMP token from Pump.fun has plummeted over 63% since its ICO just weeks ago, moving from a high of nearly $0.007 to around $0.0024. The decline is attributed to the co-founder's announcement that a promised airdrop would not occur in the near future, causing panic among investors. This news followed a $600 million ICO event, which left many confused about the disconnect between the project's operational success and market performance. Additionally, ongoing pressure from a class-action lawsuit alleging unlicensed casino operations has added to the bearish sentiment. Furthermore, analysis shows strong selling momentum, with technical indicators suggesting a continuous downtrend. The token's indicators indicate oversold conditions, yet no signs of recovery are present, leading to an expectation of further declines. As competitors like LetsBonk gain traction, the situation for PUMP remains dire, with significant challenges facing its recovery.

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