Pump.fun's PUMP token has plummeted by over 63% since its impressive $600 million ICO. Following its debut at a $4 billion market cap, the token has fallen to $0.0024. This drop aligns with the platform's recent announcement that an anticipated airdrop will not occur in the immediate future, stimulating further sell-offs from frustrated investors. The token’s failure to retain value comes despite the platform's operational achievements, generating significant revenue. A recent class-action lawsuit has exacerbated investors' fears, alleging unlicensed operations by Pump.fun. Meanwhile, competitors like LetsBonk are gaining ground, affecting Pump.fun's trading activity. Technical indicators signal a bearish trend, with the Relative Strength Index deep in oversold territory and other indicators suggesting a strong downtrend. The configuration of shorter-term price averages reinforces a bearish sentiment, indicating any recovery remains uncertain. The immediate support for PUMP is at $0.00239, with strong resistance noted at $0.00340.

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