TROVE token crashes 97% after TGE amid trust fallout and strategy pivot

The TROVE token, native to the perpetual DEX Trove Markets, plummeted approximately 97% following its Token Generation Event (TGE), reducing its valuation from $20 million to under $500,000. Investor confidence was severely damaged by controversies, including the team unexpectedly amending the ICO smart contract just before closing to extend the sale, only to reverse the decision shortly after, causing significant losses for some traders. Further unsettling the community, Trove Markets builder “Unwise” announced a major strategy pivot on January 18, shifting the platform from Hyperliquid to rebuild on Solana after their liquidity partner unwound a $500k position. On-chain analysis also revealed that one entity acquired 12% of the $TROVE supply, with approximately 80 newly created wallets showing identical funding patterns, though a direct link to the team remains unproven.

(Source：Crypto Briefing)