Trove Markets’ new token collapsed almost immediately after trading began, wiping out the vast majority of early gains and leaving many backers angry and confused. The drop was brutal. Traders who bought early watched their holdings shrink by about 95% in a matter of hours.
Token Price Plunges After Launch
Initial prices implied a market value near $20 million. Based on reports, the token fell to roughly $0.0008 per unit, trimming the market cap to below $1–2 million.
Some wallets unloaded huge chunks of coins right after the token generation event. That selling pressure coincided with a flood of posts on social platforms calling the launch a rug pull.
Trove Had Raised Millions Before The Fall
According to reports, the project raised roughly $11.5 million in its public sale. The Trove team announced it would keep about $9.4 million to fund further work and pay for a switch of blockchains.
Refunds totaling about $2.44 million were returned to some investors, and another $100,000 was earmarked for additional reimbursements. The numbers left many buyers feeling shortchanged and asking why a large share of the money stayed with the team.
Team Keeps Majority Of Funds
On-chain analysts and tracing tools flagged unusual transfers tied to a handful of new accounts. Reports note that a meaningful slice of the token supply moved into one cluster of wallets, and some transfers were routed through services like ChangeHero.
That activity raised questions about whether all token allocations were handled openly. Legal calls and demands for public audits followed soon after.
Investors reacted quickly. Some demanded full refunds. Others threatened legal steps. Community moderators and influencers amplified complaints and demanded clear timelines for fixes.
Trove posted updates, saying a partner had pulled out and that the pivot to Solana was necessary to keep the project alive.
The team promised to continue building and to be more open about their choices, while pledging to deliver a working platform that might justify holding the funds.
Trust Hinges On Delivery And Transparency
What happens next will matter more than the words now being exchanged. If the team can show tangible progress on the exchange and create real trading depth, some anger may fade.
If not, the episode could be used as a warning: token sales that change terms late in the process can trigger swift market punishment and reputational damage. Regulatory scrutiny could also increase if large sums are held after a collapse like this.
Featured image from Unsplash, chart from TradingView
Source: https://www.newsbtc.com/altcoin/troves-new-token-craters-95-sparking-investor-revolt/
