The PUMP token from Pump.fun has plummeted over 63% since its ICO, trading at $0.0024, significantly below the initial price. CEO Alon Cohen announced that an anticipated airdrop will not occur soon, exacerbating the sell-off among investors. With a market cap now at $879 million, the disconnect between Pump.fun's business success and its token's performance has raised concerns. A class-action lawsuit adds to the pressure, accusing the platform of operating an unlicensed casino scheme. Despite a recent buyback of $20 million in PUMP tokens, selling pressure remains high due to dwindling user activity, which has fallen 70% from peak levels. Current technical indicators suggest a bearish trend, with the Average Directional Index indicating significant downward momentum. PUMP would need to breach $0.0027 for signs of a potential reversal, but the outlook remains bleak as traders anticipate continued declines. Key support and resistance levels are highlighted for potential trading strategies.

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