Trove Token Plummets 95% Amid Shift from Hyperliquid to Solana

Summary: Trove Markets’ TROVE token has experienced a drastic 95% drop shortly after its launch. The decline is linked to the company's decision to pivot from Hyperliquid to Solana while retaining most of the funds raised from an initial coin offering (ICO), leading to demands for refunds and potential legal actions from investors.

Key Takeaways

Trove's TROVE token dropped by 95% shortly after its trading launch.
The company shifted from Hyperliquid to Solana days before the token generation event.
Despite the pivot, Trove plans to retain most of the funds from its ICO to continue development.
This move has sparked demands for refunds and raised concerns about the allocation of raised funds.
Analysts have noted unusual patterns in wallet activities related to the TROVE supply.

Trove token plunges after Solana pivot controversy

TROVE Token Experiences Sharp Decline

The TROVE token saw a dramatic decline, dropping around 95% just minutes after its trading commenced. This downturn follows a pivotal shift by the company that was announced shortly before the token generation event.

Initially, Trove raised funds through a public token sale aimed at establishing a perpetual decentralized exchange built on Hyperliquid's framework. However, just days before the token launch, the team revealed a shift to Solana, which raised concerns among investors regarding the use of the funds that had been collected.

According to statements from the company, they plan to retain a significant portion of the proceeds for ongoing development on Solana, asserting that this decision was essential to ensure the product's viability.

For Trove victims here’s who was introducing themselves as its founder unwisecap during a side event at Token2049 in Oct 2025 pic.twitter.com/te2RzsSBtz — ZachXBT (@zachxbt) January 20, 2026

A representative from Trove, known as Unwise, indicated that the pivot was due to the withdrawal of a major liquidity partner, which had previously committed considerable support for the Hyperliquid integration. Without this partner, the team stated it was no longer feasible to continue development on Hyperliquid, leading them to decide to rebuild the decentralized exchange on Solana.

In responses on social media, Trove acknowledged that its management of the initial coin offering and subsequent choices had created confusion and diminished trust among participants. The company mentioned it had issued refunds to some investors and was planning additional automatic refunds. The remaining funds have been allocated or spent on developer salaries, frontend and backend development, hiring a chief technology officer, advisory services, marketing, and operational expenses.

Many participants have raised questions about the reallocation of funds that were specifically intended for Hyperliquid's development. Critics have called for refunds and suggested the possibility of legal action against the company.

Blockchain analysts conducted an on-chain analysis, revealing that a single entity appeared to control a significant portion of the TROVE supply across multiple wallets funded through the same exchange within concentrated periods. While there was no direct evidence linking these wallets to the Trove team, the observed patterns warranted further examination concerning presale activities.

This issue comes on the heels of complications during the January initial coin offering. Trove initially announced that its sale had surpassed its target, committing to pro-rata refunds. However, the company later extended the offering for five days before retracting this decision hours later, citing an error.