$TROVE project, what's happened really?.
The project launched its ICO at a $20M valuation and collapsed almost instantly, wiping out over 95% of its value and falling below $1M.
An eight-figure disaster.
How it unfolded
TroveMarkets positioned itself as a perpetual DEX for unconventional and illiquid assets, leaning heavily on the Hyperliquid ecosystem to gain early attention.
That attention was never organic.
A wave of KOLs amplified the narrative, creating the illusion of overwhelming demand. The funding goal was $2.5M, yet the project collected more than $10M.
Despite the initial positioning, the product later pivoted to Solana, leaving early participants confused about what they had actually backed.
The psychology trap
The $20M valuation wasn’t “cheap”, it was strategic.
At a time when most crypto raises were happening at $100M+, this number looked attractive on the surface. Many investors focused on relative valuation instead of fundamentals.
Big accounts framed it as a rare opportunity. Research was replaced by urgency.
Then came the token launch
The market delivered its verdict immediately: –95%+ at TGE, pushing the valuation down to roughly $700K. 🤯
Where things truly broke
Participants were told excess funds would be refunded in case of oversubscription.
In reality, only about $100K was returned. The remaining $9.39M was redirected toward building a Solana-based perp DEX, without explicit approval from contributors.
Imagine committing $10K, receiving $1K worth of tokens, and being told the remaining $9K will be “used for development.”
That’s not flexibility. That’s a violation of expectations.
Hype doesn’t replace due diligence.
Low valuations don’t guarantee low risk.
And visibility on your timeline on X is not validation.
Yet most people will ignore this lesson.
Because in crypto, emotion usually wins before logic even gets a chance.
#MarketRebound #WriteToEarnUpgrade
