Pump.fun's PUMP token has crashed by over 63% since its ICO, which raised $600 million. Despite the broader crypto market's stability, PUMP continues to decline, currently trading at $0.0024. The situation worsened when co-founder Alon Cohen announced that a rumored airdrop would not occur in the near future, intensifying sell pressure. The token's appeal was further undermined by a $5.5 billion class-action lawsuit alleging illegal operations surrounding meme coin trading. As many presale buyers have sold their tokens, trading activity has slowed significantly. Technical indicators also signal a bearish trend, exemplifying a lack of bullish momentum. PUMP's short-term price averages all trend downward, indicating further losses. With daily active users dropping by 70%, the launchpad's fundamentals suggest a bleak outlook. The chart indicates immediate resistance at $0.0028, while significant support is around $0.0020, reflecting the ongoing sell-off amid fears of further price declines.

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