Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million. Despite overall market stability, the token trades significantly lower than its initial price due to various factors. Key among them is Pump.fun co-founder Alon Cohen's announcement that the expected airdrop will not occur in the near future, leaving many investors dissatisfied and leading to mass sell-offs. Compounding this issue is a $5.5 billion class-action lawsuit alleging illegal operations, along with increased competition from rival meme coin platforms like LetsBonk. PUMP is currently trading at $0.0024, making it the worst performer in the top 100 cryptocurrencies. Technical analysis indicates a strong downtrend, with the Relative Strength Index showing signs of extreme selling pressure. The Average Directional Index confirms significant downward momentum, while traditional moving averages support the bearish sentiment. Immediate support sits at $0.00239, and traders see potential resistance at $0.0028 and $0.00340.

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