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

BlockBeats News, January 20 — Perp DEX Trove launched TROVE token trading 4 hours ago with a fully diluted valuation (FDV) of $20 million. The opening trade has now dropped to approximately $950,000.

Last week, after raising $11.5 million through an ICO, Trove announced 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, stated, “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. Community feedback indicates the project has engaged in “pay-for-KOL promotion with funds flowing to entertainment platform deposit addresses,” and “ICO fundraising deadlines have repeatedly shifted.” 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 position of 500,000 HYPE tokens due to “recent negative sentiment,” which altered the project’s constraints.