Pump.fun's PUMP token has plummeted over 63% since its ICO, which raised $600 million, creating significant investor disappointment. Amid ongoing sell pressure, co-founder Alon Cohen announced no immediate airdrop would occur, exacerbating investor frustration and leading to heightened selling activity. The token, which launched at a $4 billion valuation, is currently trading around $0.0024, far below its ICO price. A lawsuit alleging that Pump.fun operates an unlicensed casino scheme has further strained investor confidence. Despite Cohen's claims of token repurchases, the ongoing sell-off has left user confidence shattered, with many presale investors offloading their holdings. Technical analysis indicates a strong downtrend, with key indicators suggesting further declines are likely. The price sits deep in oversold territory, and even the brief potential for minor upward trends appears limited. Without significant changes or positive news, PUMP seems trapped in a cycle of depreciation, facing intensified competition in the meme coin arena and struggling to sustain any bullish momentum.

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