Pump.fun's PUMP token has plummeted over 63% since its ICO, trading at $0.0024 amidst widespread sell pressure. The company, which operates a Solana meme coin launchpad, initially garnered attention with a $600 million ICO, valued at $4 billion. However, the co-founder's announcement of no immediate airdrop exacerbated investor dissatisfaction. Despite the company generating substantial revenue from deploying tokens, PUMP's price has underperformed due to a lack of commitment on airdrops, leading many presale participants to sell their tokens. Compounding the issue is a $5.5 billion lawsuit alleging unlicensed trading activities, causing further panic among investors. Technical analysis indicates continuous downward trends with bearish signals, while struggling competitors like LetsBonk are claimed to be capturing market share. Key resistance remains at $0.0028, as charts indicate further declines until a trend reversal breaks above this level.

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