Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million. Despite operating successfully as a meme coin launchpad on Solana, the token's performance has baffled investors. A lack of an anticipated airdrop announcement from co-founder Alon Cohen triggered immediate sell-offs, dampening investor sentiment. Additionally, a class-action lawsuit claiming Pump.fun is an unlicensed casino has added to the selling pressure. Most presale participants have sold or transferred their tokens, worsening declines as competitors like LetsBonk gain ground. The PUMP token is currently at $0.0024, marking it as one of the worst performers among top cryptocurrencies. Technical indicators suggest relentless selling, with low Relative Strength Index (RSI) readings and negative Average Directional Index (ADX), indicating a strong downtrend. Immediate resistance sits at $0.0028, while strong support rests at $0.0020, indicating traders are cautious in the current market environment.

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