Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million in just 12 seconds. The token is now trading at $0.0024, down significantly from its launch price. The drastic decline is attributed to the co-founder’s announcement that a much-anticipated airdrop will not happen soon, disappointing investors and triggering panic selling. This drop is compounded by a lawsuit alleging that Pump.fun operates an unlicensed casino scheme through meme coin trading. Despite some buybacks aimed at stabilizing the token, the overall market sentiment remains bearish. Key indicators such as the RSI confirm oversold conditions, while the ADX suggests a strong downward trend. The Average Directional Index indicates a robust selling momentum, further indicating low chances for recovery in the short term. Traders observe that any significant price reversals are contingent upon breaking resistance at $0.0028, but without positive catalysts, further declines seem likely, leaving PUMP's future uncertain.

Source 🔗