The PUMP token from Pump.fun has plummeted over 63% following its ICO, despite the ongoing positive sentiment in the crypto market. The token, which debuted at a fully diluted valuation of $4 billion, currently trades at $0.0024. The decline is exacerbated by the co-founder's announcement that a promised airdrop is not forthcoming, upsetting many investors. Additionally, a class-action lawsuit has been filed against Pump.fun for operating unlicensed trading activities, increasing sell pressure. Over 60% of presale participants have sold their holdings, causing further depreciation. In terms of technical analysis, indicators show significant bearish trends: the RSI indicates extreme selling, the ADX suggests strong momentum in the downtrend, and short-term moving averages are all declining. The current immediate support level is at $0.00239, with resistance at $0.0028. Without a significant change, the token appears likely to continue its downward trajectory, raising concerns among stakeholders about its future viability.

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