Trove Token Trading Goes Live, FDV Falls to Less Than $1 Million, ICO Participants Face Severe Losses

BlockBeats News, January 20th, Perp DEX Trove launched the TROVE token trading 4 hours ago, opening trading at a fully diluted valuation (FDV) of $20 million, which has now dropped to around $950,000.

After raising $11.5 million through an ICO last week, Trove stated that it would retain $9,397,403 to continue building Perp DEX on Solana. This move has once again sparked strong community dissatisfaction, with the token price dropping over 95%, causing heavy losses for ICO participants who have accused the team of rug pull. The Block founder Mike Dudas stated, "Trove raised $9.4 million in ICO funds after fundraising from the public under false pretenses. Any service provider, advisor, KOL, or other party that received funds from this scam should be exposed and condemned."

Previously reported, Trove has been embroiled in controversy recently, with community feedback indicating that the project engaged in "paying KOLs for promotion, with funds flowing to the entertainment platform's deposit address" and "the ICO fundraising deadline repeatedly changing." In addition, the project suddenly announced abandoning the Hyperliquid route to pivot to Solana to rebuild the entire Perp DEX. At the same time, the Trove team started selling off HYPE tokens. In the face of community anger, the official explanation was that LPs decided to liquidate a 500,000 HYPE position due to "recent negative sentiment," altering the project's trajectory.