Sky’s token buyback program has spent $75 million in USDS since February to repurchase and retire SKY tokens, reducing circulating supply and supporting an 8% price increase since the plan began.
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$75M total buybacks in USDS since Feb.; largest month: $18.31M (March)
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August used 5.5 million USDS to buy back 73 million SKY tokens, per Sky’s dashboard.
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SKY has risen ~8% since the program began; comparable tokens Uniswap (UNI) +6%, Aave (AAVE) +25.8%.
Sky token buyback: $75M in USDS repurchased so far, supporting SKY price recovery — read details and data-driven steps to track impacts.
What is Sky’s token buyback program?
Sky’s token buyback is a structured program initiated in February to use platform stablecoin USDS to purchase SKY from secondary markets, then remove supply. The plan has spent $75 million in USDS to date, aiming to tighten circulating supply and support price stability.
How much has Sky spent and what were the monthly peaks?
Sky has spent a cumulative $75 million in USDS on buybacks since late February. The program began on Feb. 24 with $4.28 million that month. March was the largest single-month outlay at $18.31 million. In August, Sky used 5.5 million USDS to repurchase 73 million SKY tokens, according to Sky’s dashboard.
How has the buyback affected SKY price and market performance?
SKY is up about 8% since the buyback began, moving from roughly 6.3 cents at kickoff to about 6.85 cents most recently, per CoinGecko price data. The token peaked near 9.6 cents in late July before pulling back with the broader market; the buyback appears to have provided downside support versus otherwise larger swings.
Sky’s token buyback activity per month in US dollars, its largest month for buybacks was March, with $18.31 million spent. Source: Sky
Why do crypto projects run buybacks?
Buybacks are used to reduce circulating supply by repurchasing tokens from markets and often burning them. This supply-side action can create scarcity, supporting price discovery and signaling protocol confidence to investors. Several projects adopt buybacks as part of treasury management or community incentive strategies.
Which other projects recently announced buyback plans?
World Liberty Financial proposed a buyback-and-burn of its WLFI token using protocol fees after weakness on secondary exchanges. Pump.fun initiated a revenue-funded buyback for PUMP and has spent roughly $66.5 million, with PUMP up roughly 30% month-to-month, per CoinGecko.
Frequently Asked Questions
How many SKY tokens were bought in August?
Sky repurchased 73 million SKY tokens in August using 5.5 million USDS, as reported on the platform’s dashboard. These purchases contributed to the program’s $75 million total spend.
How do buybacks affect token supply and price?
Buybacks reduce circulating supply by removing tokens from markets, which can increase scarcity and support price discovery. The effect depends on market liquidity, buyback scale, and broader market trends.
Key Takeaways
- $75M spent: Sky has allocated $75 million in USDS to buybacks since February, with March the highest month.
- Price impact: SKY is up ~8% since the program began; comparable tokens showed varied performance.
- Program mechanics: Sky buys SKY with USDS and retires tokens to tighten supply; details are posted on Sky’s dashboard.
Conclusion
Sky’s structured buyback program, backed by $75 million in USDS, has demonstrably tightened supply and coincided with an approximate 8% price gain for SKY. Investors should monitor Sky’s dashboard updates, monthly buyback cadence, and broader market liquidity to assess ongoing impact. For ongoing coverage and data summaries, follow COINOTAG updates.
