Pump.fun's PUMP token has witnessed a staggering 63% drop since its ICO, which garnered $600 million. Despite the broader crypto market maintaining stability, PUMP continues to decline, currently trading around $0.0024. Its co-founder recently dashed hopes for a promised airdrop, further fueling sell-offs. The disconnect between Pump.fun's operational success—generating over $775 million in revenue—and its token's performance raises concerns among investors. A class-action lawsuit also looms, alleging unlicensed gambling activities via meme coin trading. Within two weeks post-launch, nearly 60% of presale participants have sold their tokens, exacerbating the downtrend. The technical indicators reveal a deeply oversold token with no signs of bullish recovery. Additionally, competing project LetsBonk has been diversifying market share, amplifying PUMP's struggles. The predominant market sentiment remains bearish, with heightened selling pressure indicating potential for further decline without an immediate turnaround in sentiment or fundamentals.

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