Pump.fun's PUMP token has plummeted by over 63% since its ICO, trading at $0.0024 with a market cap of $879 million. Despite the broader crypto market remaining stable, PUMP continues to decline following its $600 million ICO. The co-founder recently announced that a much-anticipated airdrop would not occur soon, leading to increased selling pressure from disappointed investors. The token's zero-vesting model has resulted in nearly 60% of presale investors selling or transferring their tokens, exacerbating the downward trend. Additionally, a $5.5 billion class-action lawsuit alleging unlicensed casino operations has compounded the token's troubles. With daily active users falling 70% and revenue diminishing, investor confidence wanes. Technical analysis reveals strong bearish signals, with the Relative Strength Index (RSI) indicating extreme selling pressure and an Average Directional Index (ADX) confirming a powerful downtrend. Current support levels are at $0.00239 and $0.00200, while resistance is seen at $0.0028 and $0.00340. Until the price breaks above $0.0027, the outlook remains bleak for PUMP holders.

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