Pump.fun's PUMP token has plummeted over 63% since its launch, following a $600 million ICO. Despite a booming crypto market, PUMP has struggled, trading at $0.0024, far below its ICO price. Investor anxiety amplified after co-founder Alon Cohen announced the anticipated airdrop would not occur soon, leading to heightened sell pressure. Moreover, a class-action lawsuit claims Pump.fun operates an unlicensed casino scheme, further impacting sentiment. The zero-vesting token model backfired, with nearly 60% of presale participants selling or transferring tokens. Meanwhile, competitor LetsBonk is capturing market share. All technical indicators suggest ongoing selling pressure, contributing to PUMP being the worst-performing token in the top 100. The Relative Strength Index indicates extreme selling conditions, while the Average Directional Index confirms a strong downtrend. Without signs of recovery or impending bullish activity, the token's immediate outlook remains bleak.

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