Pump.fun's PUMP token has plummeted over 63% since its highly anticipated ICO, trading at approximately $0.0024. Despite the broader crypto market remaining steady, PUMP has struggled significantly following a $600 million token sale that debuted at a $4 billion valuation. The decline has been exacerbated by disappointed investors after the co-founder announced no immediate airdrop would occur, despite prior promises. Compounding issues include a class-action lawsuit alleging Pump.fun operates an unlicensed casino scheme and a drop in user engagement, which has declined by 70%. Chart analyses reveal a bearish trend, with indicators such as the Relative Strength Index showing extreme selling pressure. Currently, PUMP's trading metrics indicate continual downward pressure with no immediate signs of recovery. Key resistance levels are identified at $0.0028 and $0.00340, while immediate support sits around $0.00239. Analysts suggest that without breaking through these levels, PUMP's trajectory remains negative, raising questions about its future viability in the competitive meme coin market.

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