Pump.fun's PUMP token has seen a drastic drop of over 63% since its ICO, despite the crypto market showing resilience. The platform, which allows for meme coin creation on Solana, launched with great anticipation but has faced significant sell pressure. This was exacerbated by co-founder Alon Cohen announcing that a promised airdrop would not occur soon, disappointing investors. A recent class-action lawsuit alleging illegal operations also contributed to the decline. As a result, nearly 60% of presale participants have sold their tokens, increasing selling pressure. PUMP is currently trading around $0.0024, well below its ICO price. The token's technical indicators signal a strong downtrend, with little hope for a reversal. Support levels are at $0.00239 and $0.00200, while resistance is found at $0.0028 and $0.00340. Overall, PUMP's performance has left investors confused and wary amidst a looming market downturn.

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