Recently, the crypto world has staged another major reversal. Trove was originally a star in the Hyperliquid ecosystem, having raised over $11.5 million, but suddenly announced a reorientation—shifting to the Solana chain to rebuild a perpetual contract DEX.

The reasons behind this are quite painful. The liquidity partner suddenly withdrew 500,000 HYPE tokens, which disrupted the entire project plan. The team decided to allocate about $9.4 million to rebuild on Solana, claiming this is the "only survival path." It sounds a bit helpless, but also reveals their optimism about the Solana ecosystem.

The problem is, TGE just launched, and the TROVE token plummeted over 97% within just 10 minutes, from $0.008 to $0.0008. The market cap also crashed—dropping from $20 million directly to less than $1 million. The sentiment among token holders can be imagined.

To stop the bleeding, the project team has refunded $2.44 million to some investors and plans to return $100,000 to ICO participants. But trust is something that money can't buy back once lost. More alarmingly, Bubblemaps' on-chain data revealed that an entity accumulated 12% of the token supply through 80 new wallets. Although there's no apparent connection to the team at present, such operations naturally raise suspicions.

The team repeatedly stated they would not run away, claiming they aim to regain community trust through subsequent execution. Whether they can succeed depends on this rebuild on Solana.