Pump.fun's PUMP token has experienced a significant decline of over 63% since its ICO, currently trading at $0.0024. This decline follows a $600 million initial token sale and has left investors puzzled as the platform continues to generate substantial revenue from token deployment. A recent live stream by co-founder Alon Cohen announcing that a much-anticipated airdrop would not be forthcoming intensified selling pressure among investors. Additionally, a $5.5 billion class-action lawsuit has raised further concerns regarding the platform's operations. As nearly 60% of early investors exit, trading volumes diminish, and competitors like LetsBonk advance, PUMP struggles to maintain its footing. Technical indicators on the PUMP price chart suggest a robust downtrend, with the Relative Strength Index indicating extreme overselling. The market sentiment remains negative, leading analysts to predict the token could continue on its downward trajectory unless it breaks resistance levels above $0.0027. Without significant recovery signs, traders remain cautious as the token faces further pressure from sellers.

Source 🔗