GeckoPulse: Did Trove Rugpull?

Trouble with Trove

After its recent public sale, Trove has suddenly announced its decision to move its collectibles perp DEX from Hyperliquid to Solana.

The project raised over $11.5M during its ICO, where a controversial extension of the sale period resulted in heavy losses for several Polymarket traders.

One of the key builders on Trove, pseudonymously known as ‘unwise’, stated that the pivot was due to one of its liquidity partners opting to relinquish his position of 500K HYPE.

Prior to this, Trove had raised $20M last November to purchase the HYPE required to launch their own HIP-3 perpetuals market.

However, on-chain X account ‘MLM’ claimed that the project had begun to sell off their HYPE holdings.

As such, several members of the Trove community have now called upon the team to issue refunds and to raise money again under new conditions, considering where the protocol has chosen as its new home.

As of today, the TGE for Trove’s native token is slated to go live on Solana later today, along with more details on how the sold tokens will be distributed.

Is Staking Back on the Menu

Despite the current price action of ETH, demand for staking may be making a comeback.

According to the data from the Ethereum Validator Queue website, the amount of ETH left in the queue has fallen drastically from its peak of 2.7M ETH in September last year to zero as of today.

On the other side, close to 2.6M ETH is now pending to be staked in the entry queue.

The waiting time for new entrants has now extended to 45 days, while exits will only take a few minutes.

Since the start of 2026, the price of ETH has risen by 8.2% from $2,967 to $3,210.

In Other News

Ethereum Sets Record Usage. Daily transactions on the Layer-1 blockchain network are at record levels despite transaction fees being low. The fall in costs reflects Ethereum’s success at scaling and improving the network.

Bitcoin Tumbles. Bitcoin and the broader crypto market experienced an unexpected downturn today as US-EU relations worsened over US’s comments over Greenland.

Genius Announces Airdrop. The YZi-Labs backed project announced their official airdrop campaign, a point system that rewards users based on their trading volume.

$300M Stolen from Crypto Whale. On-chain investigator Specter reports that a crypto whale has lost over $300M in funds from his Trezor wallet following a social engineering scam.