Pump.fun's PUMP token has plummeted over 63% following its ICO, as bearish market trends and unmet investor expectations fuel sell-offs. After a successful ICO that raised $600 million and a valuation of $4 billion, PUMP is now trading around $0.0024 with a market cap of $879 million. Co-founder Alon Cohen recently announced that an anticipated airdrop would not happen in the immediate future, which exacerbated selling pressure. Compounding these challenges is the emergence of a class-action lawsuit alleging the platform operates an unlicensed casino scheme. The trading volume for the token has significantly decreased, with many initial buyers already liquidating their holdings. Technical analysis suggests a prevailing downtrend, with the RSI indicating oversold conditions and significant downward momentum. Resistance levels remain firmly in place, and immediate support is found at $0.00239. The outlook for the token remains grim as it struggles against its competitors in the meme coin space.

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