Pump.fun's PUMP token has plummeted by over 63% since its ICO, currently trading at $0.0024. Despite the overall crypto market remaining stable, PUMP's value has not rebounded following a disappointing announcement from co-founder Alon Cohen, indicating that the anticipated token airdrop would not happen soon, triggering widespread selling. With approx. 60% of presale investors selling or transferring their tokens, this further exacerbated selling pressure. Additionally, a lawsuit alleging unlicensed casino operations related to meme coin trading has raised further concerns. While Pump.fun has shown notable growth in its business operations, competitor LetsBonk is capturing market share, which has negatively impacted PUMP. Chart analysis reveals an ongoing downtrend with virtually all indicators suggesting weakness and sending signals for further selling. The critical support and resistance levels for PUMP could influence short-term movements. Until PUMP breaks above $0.0027, the outlook appears grim, reinforcing bearish sentiment among holders.

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