Trove token listing on trading FDV drops below $1 million, ICO participants suffer significant losses

GateUser-6433627c · 2026-01-20T00:32:26+00:00

On January 20th, Perp DEX Trove launched TROVE token trading, but the market cap quickly dropped to about $950,000, causing community dissatisfaction. After raising $11.5 million in the ICO, $9.4 million was retained for development, which was accused of being a scam. The community is concerned about fund flow and project direction changes, and the operators explained that the reason for the sell-off was due to negative sentiment leading to liquidation.

GateUser-6433627c

2026-01-20 00:32:26

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On January 20, Trove, a Perp DEX, launched TROVE token trading 4 hours ago with a fully diluted valuation (FDV) of $20 million. The opening trade has now dropped the FDV to approximately $950,000. After raising $11.5 million through an ICO last week, Trove stated it would retain $9,397,403 for continued development of Perp DEX on Solana. This move has once again sparked strong dissatisfaction within the community, with ICO participants suffering significant losses and accusing the team of Rug Pull. Mike Dudas, founder of The Block, said, “Trove, after raising funds from the public under false pretenses, still retains $9.4 million of ICO funds. Any service providers, advisors, KOLs, or other parties involved in collecting funds from this scam should be exposed and condemned.” Previously reported, Trove has been embroiled in controversy recently, with community feedback indicating issues such as “paying KOLs for promotion with funds flowing to entertainment platform deposit addresses” and “ICO fundraising deadlines repeatedly shifting.” Additionally, the project suddenly announced abandoning the Hyperliquid route and shifting focus to rebuilding the entire Perp DEX on Solana. Meanwhile, Trove’s operators have begun selling HYPE tokens. In response to community anger, the official explanation is that LPs decided to close a 500,000 HYPE position due to “recent negative sentiment,” which altered the project’s constraints.

SOL-5,29%

HYPE-10,74%

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