The recent ICO of Trove Markets, a decentralized exchange on the Solana blockchain, ended in disaster as the value of its native token, TROVE, plummeted by 98% shortly after launch. This dramatic drop saw the token's fully diluted valuation (FDV) fall from $20 million to just $110,000 within minutes.
On January 19, the Trove team successfully raised over $11.5 million on Hyperliquid, far exceeding their initial target of $2.5 million. However, shortly after the token's launch, the developers executed a rug pull, taking with them approximately $2.5 million in liquidity and leaving investors without any refunds.
“Massive rug pull in crypto — $TROVE just got exposed hard. The devs raised over $11M and then launched the token on Solana, keeping all the funds,” reported Hyperliquid Daily.
Following the ICO, Trove representatives announced plans to retain $9.3 million for platform development, which raised significant concerns within the community. The backlash intensified after the launch, with no updates from Trove Markets on their official social media since the token's collapse.
