Pump.fun's PUMP token has plummeted over 63% since its ICO, trading now at $0.0024, far below its initial price. Following a $600 million token sale, the company faced increased sell pressure when co-founder Alon Cohen announced that a promised airdrop would not occur soon. This disappointment, combined with a class-action lawsuit alleging unlicensed gaming operations, has fueled panic selling. Despite generating significant revenue and operating as a meme coin launchpad, PUMP's dynamics show a stark disconnect between business success and token performance. The declining activity on the platform, a 70% drop in daily users, and a 60% sell-off among presale participants have added to the narrative of a grim future for PUMP. Technical analysis indicates strong selling momentum, with every indicator suggesting continued pressure. The Relative Strength Index shows extreme oversold conditions, and the Average Directional Index confirms a robust downtrend. With technical levels indicating immediate resistance at $0.0028 and strong support at $0.00200, the outlook remains bleak unless significant changes occur quickly.

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