The PUMP token from Pump.fun has plummeted over 63% since its ICO despite the broader crypto market remaining stable. After a successful $600 million ICO, PUMP initially surged but has since traded down to $0.0024, revealing a significant disconnect between the token's performance and Pump.fun's operational success. Investor disappointment mounted after the co-founder announced that a widely anticipated airdrop would not occur soon, triggering mass sell-off. Legal issues also loom, with a $5.5 billion class-action lawsuit alleging unlicensed gambling activities. Technical analysis indicates a strong downtrend, with key indicators highlighting extreme selling pressure and a bearish alignment in price averages. Recent competition from competing platforms like LetsBonk has exacerbated the decline. Current support levels for PUMP are at $0.00239, with strong resistance at $0.00340, suggesting a challenging road ahead for PUMP holders as downward trends prevail in the immediate future.

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