Pump.fun's PUMP token has seen a staggering drop of over 63% since its launch, following a highly publicized ICO that raised $600 million. Despite success as a meme coin launchpad—generating significant revenue—the token’s performance remains disappointing, trading at $0.0024, far below its ICO price. The pessimism was exacerbated when co-founder Alon Cohen announced that a promised PUMP airdrop would not occur soon, prompting mass selling among investors. Furthermore, a $5.5 billion class-action lawsuit claims Pump.fun operates an unlicensed casino scheme through meme coin trading, which adds to the negative sentiment. Almost 60% of presale participants have sold or transferred their tokens, greatly increasing sell pressure. Technical indicators suggest a bearish outlook, with the PUMP token showing significant sell signals, while competing platforms are gaining traction. Ongoing downturn trends are expected unless dramatic market changes occur.

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