Pump.fun's PUMP token has plunged over 63% since its ICO, currently trading at $0.0024, well below its launch price. Despite the broader crypto market being relatively stable, PUMP continues to face heavy selling pressure, exacerbated by the co-founder's announcement that a much-anticipated airdrop will not occur soon. Many investors, initially attracted by promises of immediate liquidity and airdrops, are now frantically selling as sentiments sour. An ongoing class-action lawsuit alleging illegal operations has put further strain on investor confidence. Technical analysis presents a grim outlook, with indicators like the RSI signaling extreme selling pressure and confirming a bearish trend. The token has seen a 70% drop in daily active users, with its revenue declining as competitors capture its market share. The outlook remains bleak unless PUMP can break above the $0.0027 resistance level, and the path forward appears predominantly downward.

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