Pump.fun's PUMP token has experienced a drastic decline of over 63% since its initial coin offering (ICO), primarily due to unmet expectations surrounding a promised airdrop, which the co-founder recently indicated would not materialize soon. Despite the platform's robust financial performance—with $775 million generated in revenue—the token has plummeted to $0.0024, down from a $4 billion valuation at launch. The zero-vesting model has resulted in many early investors selling off their holdings, exacerbated by a class-action lawsuit alleging unlicensed operations in meme coin trading. Technical analysis reveals troubling indicators, such as an RSI of 28, signalling extreme overselling, and an ADX of 41, confirming persistent downward momentum. Competitive pressures from similar platforms like LetsBonk have further diminished PUMP's market presence. Currently, it struggles against key resistance levels, and the market sentiment remains overwhelmingly bearish.

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