Trove’s New Token Plummets 95%, Leading to Investor Outrage

Trove Markets launched a new token that faced a catastrophic decline almost immediately after trading began. This drastic drop eliminated a significant portion of early investors' gains, leaving many users frustrated and bewildered. In just a few hours, early traders witnessed their investments shrink by approximately 95%.

Key Takeaways

Trove's new token saw a dramatic decrease of approximately 95% in value shortly after its launch.
Initial price estimates suggested a market value around $20 million, which quickly fell to below $1-2 million.
The project had raised about $11.5 million, with significant funds retained for development.
Investor dissatisfaction grew, leading to demands for refunds and legal action.
Trove has announced a pivot to the Solana blockchain and promised improved transparency in its operations.

Trove

Token Value Takes a Nose Dive

The initial trading price suggested a market capitalization of around $20 million. However, reports indicate that the token's value collapsed to about $0.0008 each, reducing its market cap to less than $1-2 million.

Following the token generation event, some wallets quickly sold off large amounts of coins. This selling spree coincided with numerous posts across social media platforms, accusing the launch of being a rug pull.

Trove Raised Millions Prior to the Decline

According to reports, Trove raised approximately $11.5 million during its public sale. The Trove team stated that they planned to retain about $9.4 million to support ongoing development and to facilitate a blockchain migration.

Total crypto market cap currently at $3.05 trillion, Chart: TradingView

Refunds amounting to around $2.44 million were issued to a selection of investors, with an additional $100,000 set aside for future refunds. These figures left many investors feeling dissatisfied and questioning why such a significant portion of the funds remained with the development team.

Analysts and on-chain tracing tools identified unusual transfer patterns linked to a small number of new accounts. Reports highlighted that a substantial segment of the token supply clustered in specific wallets, with some transactions routed through services like ChangeHero.

These actions raised concerns regarding the transparency of token distribution. Legal demands for public audits intensified.

Investor reactions were swift. Some called for full refunds, while others threatened legal action. Community moderators, along with influencers, echoed these complaints and pushed for a clear timetable for resolutions.

"We’re pivoting Trove to Solana. After recent developments, our liquidity partner, who was supporting our Hyperliquid path, decided to withdraw their 500k $HYPE position. That was their choice, which we completely respect. This impacts our strategies as we move forward."
— unwise (@unwisecap) January 18, 2026

In light of the recent discontent, Trove announced that a partner had withdrawn, and a shift to Solana was essential for the project's sustainability. The team promised to continue its development efforts while vowing to maintain greater transparency with their decisions and to deliver a functional platform that could validate the retention of investor funds.

"What occurs next is more crucial than the current discussions. If the team can demonstrate tangible progress on the exchange and establish genuine trading volume, some of the frustration may dissipate. Otherwise, this incident could serve as a cautionary tale: changes in token sale terms late in the process can lead to rapid market consequences and damage to reputation. Increased regulatory attention may follow if substantial funds remain untouched after such a collapse."

Featured image credited to Unsplash, chart from TradingView