Pump.fun's PUMP token has experienced a significant decline of over 60% since its $600 million ICO just two weeks prior. Currently trading around $0.0024, the token’s poor performance contrasts sharply with the broader crypto market, where assets like Bitcoin remain steady. The sell-off was exacerbated when co-founder Alon Cohen announced there would be no upcoming airdrop, disappointing investors who had been promised such incentives. Furthermore, a class-action lawsuit alleging Pump.fun operates an unlicensed casino scheme has intensified concerns. Despite generating substantial revenue for the platform, the PUMP token's value continues to plummet as user activity declines. Technical analyses reveal strong selling pressure, with indicators suggesting further declines; the Average Directional Index indicates a powerful downtrend. PUMP hit oversold conditions, yet there’s no bullish momentum to hint at recovery, with immediate resistance levels remaining significantly higher. The analysis suggests investors are fleeing the asset, leading to a bleak outlook for PUMP's future in a competitive meme coin landscape.

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