Pump.fun's PUMP token has seen a staggering 63% decline since its ICO, which raised $600 million. Despite the broader crypto market maintaining some stability, the PUMP token is struggling, now trading at $0.0024. This drop follows the firm’s announcement that a highly anticipated airdrop will not happen soon, triggering panic among investors. Initially, Pump.fun attracted consumers with its promise of immediate liquidity via its no-vesting token model, but this has resulted in a mass sell-off, with nearly 60% of early buyers now divesting their tokens. As competition intensifies, especially from other meme coin platforms like LetsBonk, Pump.fun is losing critical market share. The technical indicators paint a grim picture, indicating a strong downtrend with high momentum, and little hope for a price rebound in the near term. Without a reversal above significant resistance levels, the path ahead looks bleak for PUMP holders.

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