Pump.fun's PUMP token has plummeted over 63% since its ICO, currently trading at $0.0024. Despite a successful $600 million initial coin offering, investor disappointment loomed when co-founder Alon Cohen announced no imminent airdrop, reversing initial speculation that boosted hype. The absence of promised bonuses and a looming class-action lawsuit accusing Pump.fun of operating an unlicensed casino scheme exacerbated the sell-off. Furthermore, nearly 60% of presale investors have sold or transferred their tokens, contributing to the relentless downward pressure. In contrast, competitor LetsBonk is capturing market share, further dampening PUMP's performance. Technical analysis reveals a strong downtrend, with major resistance at $0.0028 and key support at $0.00239. The Relative Strength Index indicates extreme selling conditions, with no signs of bullish reversal. Thus, traders are advised caution as the token continues its bearish trajectory while market sentiment remains broadly risk-on for other cryptocurrencies.

Source 🔗