🚀 Sky Protocol Token Skyrockets as Crypto Whales Go on a Buying Spree
Whales are circling—and they're hungry for Sky Protocol tokens. The decentralized finance upstart saw its token price surge today as deep-pocketed investors piled in, signaling bullish momentum.
Behind the pump: On-chain data reveals a cluster of seven-figure buys hitting the order books in rapid succession. When crypto's big players move, retail traders scramble to catch the wave—often just in time for the whales to dump on them.
Market mechanics at play: The token's thin liquidity pool amplifies price swings when whales make moves. Textbook 'buy the rumor' behavior as traders anticipate Sky Protocol's upcoming mainnet upgrade—though whether the tech delivers remains to be seen.
One hedge fund manager quipped: 'Nothing boosts a token like other people's money chasing FOMO.' The crypto casino stays open 24/7.
Whales accumulate Sky tokens
Sky Protocol (SKY), formerly known as Maker, jumped to $0.095, its highest level since December, and 190% above its lowest level this year. Its market capitalization is now at $2 billion.
Nansen data shows that whales have continued to accumulate Sky tokens. They hold 23.67 million tokens, up by 1,666% in the last 90 days. Similarly, the top 100 addresses hold 23.37 billion tokens, a 1,000% increase.
Meanwhile, additional data indicate that the supply of Sky tokens on exchanges has continued to decline. It has dropped to 219.94 million, down from 304 million on July 15. Falling exchange reserves are a sign that investors are not dumping their tokens.
A potential reason for the ongoing whale accumulation is that Sky is doing well. Its total value locked has risen from the year-to-date low of $4.86 billion to $6.1 billion. USDS, its native stablecoin, has gained a market capitalization of over $7.6 billion
According to TokenTerminal, Sky is on track to generate $350 million in revenue over the next 12 months, with the majority of this revenue expected to come from the Spark Protocol. It also has a strong balance sheet, with its treasury holding approximately $700 million in assets.
🏦🌟 @SkyEcosystem is the first DAO that tries to scale w/ a tokenholder-aligned parent subsidiary model:
Sky is on track to make ~$350m in revenue over the next 12 months
SKY is currently valued at ~$2b, and the Sky DAO has ~$700m in @sparkdotfi tokens in its treasury pic.twitter.com/Xj3bWnxMxP
Sky Protocol price technical analysis
The daily timeframe chart indicates that the Sky token price has been in a steady upward trend over the past few months. It jumped from the year-to-date low of $0.032 in February to $0.094 today.
Sky price has formed an ascending channel, and is targeting the upper side. It has also moved above the 50-day exponential moving average, while the Relative Strength Index is nearing the overbought level.
The MACD has remained above the zero line since March. Therefore, Sky will likely continue rising as bulls target the key resistance at $0.1023, the highest swing on Dec. 4.
