Pump.fun's PUMP token has lost over 63% since its ICO, now trading at $0.0024. Despite the broader crypto market remaining stable, the token faces relentless sell pressure, fueled by the co-founder's announcement of no imminent airdrop, which disappointed investors. The platform enjoyed a successful ICO, raising $600 million, but now struggles with a market disconnect as the meme coin launchpad's fundamentals decline, including a drop in daily active users by 70%. A class-action lawsuit further complicates its future, alleging unlicensed casino activities. Current technical indicators point to a strong downtrend, with the Relative Strength Index indicating extreme selling pressure. The market dynamics appear challenging as competitors like LetsBonk capture market share, leading to PUMP's continued decline. Immediate support sits at $0.00239, while resistance is at $0.0028, signaling potential for further downturn unless significant changes occur. Overall, the outlook for PUMP remains grim as it navigates through various challenges in maintaining its market position.

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