Pump.fun's PUMP token has seen a dramatic decline of over 63% since its initial coin offering (ICO), currently trading at $0.0024. After a successful ICO that raised $600 million, the token's value has plummeted despite promising initial prospects. The co-founder announced that a much-anticipated airdrop would not happen soon, fueling sell-offs from investors. Adding to the woes, a class-action lawsuit alleges that Pump.fun operates an unlicensed casino through meme coin trading, contributing to declining user confidence. Technical analysis indicates that the token is in a strong downtrend, with key indicators such as the Relative Strength Index (RSI) and Average Directional Index (ADX) reflecting extreme selling pressure. Daily active users have decreased by 70%, and overall trading volume has declined, suggesting the market is losing interest in PUMP amidst growing competition from rivals like LetsBonk. With the current bearish sentiment, the immediate trading outlook remains grim, as the path of least resistance points downward.

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