The PUMP token from Pump.fun, a Solana meme coin launchpad, has plunged over 63% since its $600 million ICO, currently trading at $0.0024. This disappointing performance is attributed to a lack of airdrops, as co-founder Alon Cohen confirmed that no airdrops will occur in the immediate future. Despite generating over $775 million in revenue from 12 million tokens, the token's significant price drop has left investors disillusioned. A class-action lawsuit alleging unlicensed casino operations further complicates matters. Additionally, nearly 60% of presale participants have sold or transferred their tokens, exacerbating the sell pressure. The technical analysis shows all indicators favoring further declines, with high selling momentum and bearish trends dominating. Immediate support is seen at $0.00239, while resistance levels stand at $0.0028 and $0.00340. Without signs of recovery, the outlook for PUMP remains grim as competitors capture market share.

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