Why Won’t PUMP Stop Dumping? Bears Are in Complete Control: Analysis
Pump.fun's PUMP token has plummeted more than 63% since its initial coin offering (ICO), which anticipated a $600 million influx. Despite Pump.fun’s business successfully deploying 12 million tokens, the market reflects severe disappointment. The co-founder’s announcement that a much-expected airdrop won’t materialize soon triggered panic selling among investors. Currently, PUMP trades at $0.0024, significantly under its ICO price, with a market cap of $879 million. Critically, the token has been associated with a $5.5 billion lawsuit alleging it operates an unlicensed casino via meme coin trading, contributing to its woes. The price analysis reveals alarming trends, with the Relative Strength Index indicating severe overselling. Traders observe bearish momentum, as PUMP remains under dynamic resistance, marking the cessation of confidence among holders. Without signs of a trend reversal, the path forward for PUMP appears bleak, accentuating fears that its glory days might be behind.
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