Pump.fun's PUMP token has plummeted by over 63% since its much-anticipated ICO just two weeks ago. Following a $600 million initial coin offering (ICO), the token experienced immediate sell pressure after co-founder Alon Cohen announced that a promised airdrop would not happen in the near future. This news, along with a $5.5 billion class-action lawsuit alleging unlicensed casino operations, intensified investor panic. PUMP is now trading at around $0.0024 with a market cap of $879 million compared to its ICO valuation, leading to questioning of its future. Technical indicators paint a grim picture, showing strong sell signals and oversold conditions. With a declining user base and competition from platforms like LetsBonk, PUMP seems to struggle against a backdrop of unfavorable market conditions and declining fundamentals. Traders observe crucial resistance and support levels, with hopes relying on potential short-term bounces, though any lasting recovery seems unlikely given the prevailing downtrend.

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