Pump.fun: Is $0.00118 the next stop after PUMP’s price drop?

The price of the utility token of Pump.fun [PUMP] took a heavy hit on the 5th of June. It shed 14% on the day, falling from $0.00165 to $0.00142. From a technical perspective, the altcoin was already in a downtrend in the higher timeframes. Since December 2025, the $0.0017 support level has been resolutely defended. Over the past three weeks, the bears have had some success pushing prices marginally below this level. This had put them in an advantageous position. All that was needed was a catalyst to set the prices rolling southward. How did Pump.fun's GO platform tank sentiment? In a post on X, Pump.fun announced the launch of the GO platform, a Solana [SOL]-based bounty marketplace. "Pay ANYONE to do ANYTHING,” the post read. It was already attracting attention for the wrong reasons. One of the highest‑paid listings, at $57,000, required a skydive into a World Cup match dressed as a memecoin mascot. Other promotional and degrading acts were also included. X user Fabiano.sol reviewed several of these tasks, remarking that the experience resembled Squid Game, the South Korean survival thriller on Netflix. Pump.fun faced reputational and regulatory risks due to the wording of the launch and the tasks on the bounty board, according to CoinMarketCap. Plotting PUMP's bearish price targets After testing the local highs at $0.00219 in early May, PUMP resumed its bearish trend. The inability to close above this swing high reinforced seller dominance. Recently, the $0.0017 support level, which has held, for the most part, throughout 2026, was smashed aside. The bears have been threatening to do that since late March and have finally succeeded in making the move happen. It also occurred on increasingly high trading volume, which showed buyer exhaustion and seller triumph lately. The weak buyers meant PUMP slid to the 23.6% extension level at $0.00142 easily. The 61.8% extension level at $0.00118 is the immediate price target. Final Summary The Pump.fun GO launch drew severe criticism, and its wording exposed the parent platform to potential regulatory scrutiny.  Meanwhile, PUMP, already under heavy selling pressure and struggling to hold the $0.0017 support level, broke down on Friday.