The PUMP token from Pump.fun, a Solana-based meme coin launchpad, has plummeted over 60% since its ICO two weeks ago, trading at $0.0024. Despite the platform's strong performance in generating revenue, investor sentiment is bearish following the co-founder's announcement that a previously anticipated airdrop would not occur in the near future, leading to mass selling. The token's model, which initially attracted interest with promises of immediate liquidity, has seen nearly 60% of presale participants sell their holdings, exacerbating downward pressure on the price. Additionally, a class-action lawsuit alleging unlicensed operations has compounded investor concerns. The current technical indicators signal a robust downtrend with insufficient signs of recovery. The token's price is under significant resistance, and until it breaks above $0.0027, the outlook remains bleak for PUMP holders, with key levels of support at $0.00239 and $0.00200.

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