Trove Token Plummets 95%, Investors Demand Transparency and Refunds

Trove Markets' new token experienced a sharp decline shortly after launch, erasing nearly 95% of early gains and causing confusion among investors.

Key Developments

The token initially suggested a market cap of about $20 million but fell to approximately $0.0008 per unit, reducing the cap to below $1–2 million.
Significant selling occurred immediately post-launch, leading to accusations of a "rug pull" on social platforms.
Trove had raised around $11.5 million in its public sale, planning to retain $9.4 million for development and blockchain transition.
Refunds amounting to $2.44 million were issued, with an additional $100,000 set aside for further reimbursements.

Unusual token transfers to new accounts raised transparency issues, prompting demands for public audits and legal actions.
Some investors called for full refunds and demanded clear corrective measures.

Trove is pivoting to Solana following a partner's withdrawal, impacting future constraints.
The project team commits to transparency and continued development to regain trust.
Failure to deliver tangible progress could lead to increased regulatory scrutiny and reputational harm.