Pump.fun's PUMP token has experienced a 63% drop since its ICO, with current trading below its initial price. The launchpad's co-founder announced that an anticipated token airdrop would not occur in the near future, intensifying selling pressure. Once valued at $600 million, the token's fortunes have declined as investors scramble to exit amidst increasing concern. Competing projects are capturing market share, and a lawsuit alleging unlicensed operations has compounded issues. Despite claims of token repurchases aimed at stabilizing prices, 60% of presale participants have sold their holdings, worsening the trend. Technical indicators show strong downward momentum in PUMP’s price, with the Relative Strength Index indicating severe selling pressure. Current trends suggest that until PUMP exceeds critical resistance levels, further declines remain likely. Immediate support is at $0.00239, with strong resistance at $0.00340, reflecting the challenging landscape for PUMP and its investors.

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