Sky (SKY), the native token of decentralized finance (DeFi) projects on the Ethereum network, is one of this week’s hot assets, leading weekly market gains within the top 100 market capitalization.
In the last 7 days, SKY price went from $0.042 to $0.057, representing an increase of 35.7%.as seen in the following graph.
The reason for this impressive price performance is that last week, the Sky Ecosystem project conducted a buyback of 40.5 million SKY tokens worth $1.9 million.
In November’s project, Allocated $7.8 million to buy back 154 million SKY. This brings total stock buybacks to more than $88 million since the program began in late February.
Token buybacks and burns can serve to reduce circulating supply, increasing scarcity and supporting the price by creating continued buying pressure.
Additionally, strengthen investor confidence by demonstrating that the project team: It redistributes profits among holders who believe in their value and at the same time hold their tokens.
It is worth noting that, as reported by CriptoNoticias, the organization formerly known as MakerDAO has launched a new phase under the name Sky Ecosystem and has incorporated a new stablecoin USDS as the successor to DAI.
This change aims to modernize the image, Improve your user experience and strengthen your position in the DeFi market.
(Tag Translation) Altcoin
