Pump.fun's PUMP token has witnessed a significant drop of over 63% since its ICO, with current trades at $0.0024. The launchpad's co-founder, Alon Cohen, announced no immediate airdrop, which disappointed investors and intensified selling pressure. Despite Pump.fun's success in launching tokens and generating substantial revenue, the value of its token has not reflected this success, leading to confusion among investors. Technical analysis indicates strong selling momentum, with key indicators like the Relative Strength Index showing oversold conditions and the Average Directional Index suggesting an ongoing downtrend. Market dynamics are further complicated by ongoing legal challenges and competition from other meme coin platforms. With no signs of a bullish recovery in sight, market sentiment remains bearish, and traders are watching for possible short-term trades amid an overwhelming bearish trend.

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