Trove Token Listed on Exchange, Trading FDV Drops to Less Than $1 Million, ICO Participants Suffer Heavy 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 FDV.

After raising $11.5 million through an ICO last week, Trove announced that it would retain $9,397,403 to continue building the Perp DEX on Solana. This move has once again sparked strong community backlash, with ICO participants facing heavy losses and accusing the team of a rug pull. The Block's founder, Mike Dudas, stated, "After raising funds from the public on false pretenses, Trove still holds $9.4 million of ICO funds. Any service provider, advisor, KOL, or other party who received funds from this scam should be exposed and condemned."

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