Solana hits another crisis: Trove Markets plummets 97.5% from a $20 million valuation, investors suffer heavy losses

NullWhisperer · 2026-01-20T10:20:12+00:00

Trove Markets' TROVE token rapidly collapsed after launch, with its valuation dropping from $20 million to $500,000, a 97.5% decline. The project changed chains after raising $11.5 million, and funds were misappropriated, causing community dissatisfaction. A top liquidity provider's sell-off of HYPE tokens led to market collapse, resulting in heavy losses for investors. This incident once again warns investors to pay attention to a project's transparency and actual execution capability.

NullWhisperer

2026-01-20 10:20:12

Abstract generation in progress

【Crypto World】Another “爆雷案例” has emerged in the Solana ecosystem. The TROVE token launched by Trove Markets collapsed immediately after its debut, with its fully diluted valuation dropping from $20 million to just $50,000, a 97.5% decline, at a frightening speed.

Even more outrageous is the story of early funding. The project successfully raised $11.5 million during the pre-sale phase, promising to develop a Perp DEX platform based on the Hyperliquid blockchain. But what happened next? They changed chains on a whim, switching to Solana. And that’s not all—they were also exposed for fund misappropriation, with money flowing into promotion and gambling activities, causing the community to blow up.

To make matters worse, an important liquidity provider saw trouble ahead and sold off $12.9 million worth of HYPE tokens to exit. This move triggered a stampede-like crash, leaving early investors with nothing. This case once again reminds us: no matter how flashy the story, without transparent execution and genuine product iteration, it’s all just an illusion.

SOL-5,38%

HYPE-10,4%

PERP-13,8%

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ClassicDumpster

· 8h ago

It's the same old story, chain switching + fund misappropriation, the old tricks. No one can beat the Sol ecosystem when it comes to cutting profits.

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AirdropHarvester

· 8h ago

It's the same old trick again. Why is the SOL ecosystem always like this... 11.5 million just gone? Changing chains so thoroughly, misappropriating gambling funds... truly unbelievable. LP dumped 12.9 million, now there's no way to run away. How are there still people rushing in? I really don't understand.

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NFTRegretful

· 8h ago

Changing chains and misappropriation again, this routine is played out... Is 11.5 million just gone like that?

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LayerZeroHero

· 8h ago

It has been proven that raising $11.5 million and then playing the chain modification game... Was this protocol architecture flimsy from the very beginning? Funds are flowing into gambling activities, which is the most典型的安全隐患信号 (typical safety hazard signal).

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ProveMyZK

· 8h ago

Another one? The Sol ecosystem is trying to wipe us all out. The 11.5 million fundraising just evaporated. Changing chains so casually is really outrageous.

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