Pump.fun's PUMP token has seen a dramatic decline of over 63% since its initial coin offering (ICO), despite the crypto market holding steady overall. Following a $600 million ICO, PUMP debuted at a high valuation but has since fell significantly, now trading at approximately $0.0024. Selling pressure has intensified after the platform's co-founder announced no upcoming airdrop, contrary to previous expectations, which stirred investor disappointment. Additionally, a class-action lawsuit has complicated matters, alleging Pump.fun runs an unlicensed trading scheme. As a result, nearly 60% of presale investors have sold or transferred their tokens, contributing to the dip.
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