$TROVE Plunges by 97% Following Solana Launch as Market Cap Dips to $600K
The $TROVE token has recently gone through a massive price slump. In this respect, $TROVE has witnessed a shocking 97% drop following its launch on the Solana blockchain. As per the data from CoinGecko, $TROVE has plunged by 97% from $20M, its pre-sale fully diluted valuation (FDV), to nearly $600K post-token generation event (TGE). Additionally, within the 24-hour trading, $TOVE’s price dipped to $0.335938, equaling $0.05433 $SOL.
$TROVE Dips on Solana Triggers Sustainability Concerns as Market Cap Falls from $20M to $600K
The on-chain data points out that, after launching on the Solana blockchain, $TROVE has undergone a huge 97% price decrease. In this respect, it is down to nearly $0.035938, accounting for 0.054433 $SOL. Thus, irrespective of the solid initial interest, the decentralized launch of the token has rapidly turned into a disaster.
Specifically, the $TROVE token fell from its pre-sale FDV of $20m to the post-token generation event (TGE) of almost $600K. Additionally, the market capitalization of the token is currently standing at $598.38K, while its liquidity is just $43.34K. This raises concerns over the token’s sustainability.
Event Indicates Risks of Early-Stage Blockchain Initiatives
At the same time, over the past twenty-four hours, the trading volume has also touched $2.33M, whereas the net purchase pressurehas turned negative at -$560.1K. This indicates hefty sell-offs amid 12.8K transfers recorded. Particularly, 6.17K sales overshadowed 6.63K purchases.
According to CoinGecko, $TROVE’s collapse ensures several valuable lessons highlighting the risk linked to early-stage projects in the blockchain sector. Hence, the high pre-sale valuations are not a guarantee of stability following a project’s entry to the open market. Keeping this in view, the should exercise due diligence that improves the chances of profitability before any crucial investment decision.
You May Also Like
Why Bitcoin’s Bear Case Is Suddenly Back on the Table
USD/JPY drops to near 157.80 as US-EU disputes batter US Dollar
