PUMP token from Pump.fun, a Solana meme coin launchpad, has plummeted over 63% since its ICO, trading at $0.0024. This drop follows a massive $600 million token sale and has left investors puzzled despite the platform's revenue exceeding $775 million. The co-founder’s recent announcement that a highly anticipated airdrop will not occur soon escalated selling pressure. Many presale investors have already sold or transferred nearly 60% of their tokens, adding to the decline. Additionally, a $5.5 billion class-action lawsuit against Pump.fun has raised further red flags. Technical indicators show a strong downtrend, with the Relative Strength Index (RSI) indicating extreme selling pressure and the Average Directional Index (ADX) confirming significant momentum in the downward trend. Key price points indicate immediate support at $0.00239 and resistance at $0.0028. Unless PUMP breaks this resistance, further declines appear probable, reflecting a dire outlook for the token and its investors.

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