Trove Markets token plunges over 95% after listing, sparking controversy

After Trove Markets completed its token generation event, its token TROVE on Solana plummeted by over 95% within just a few minutes of listing, with its fully diluted valuation dropping from around $20 million during the public sale to less than $1 million. The liquidity pool was quickly depleted, resulting in increased losses for early buyers. Previously, after raising $11.5 million, the project temporarily switched its deployment chain from Hyperliquid to Solana, sparking dissatisfaction within the community. The project team stated that they would retain approximately $9.4 million of the raised funds and only provide partial refunds, angering participants who demanded a full refund. Social media accused the project team of misappropriating funds and transferring money through mixers. On-chain investigator ZachXBT questioned a $45,000 SOL transaction related to a casino deposit. Trove denied the "exit scam" allegations, claiming that the funds remain and that they will continue to build.