The Crypto Protocol Sky has spent $ 75 million over the past six months in a scheme to buy its token, boosting its price by 8% since February.
Sky, who rebranded from Maker in August 2024, Says On Monday that in August it used 5.5 million of stablecoin of its platform, the USDS (USDS), to buy back 73 million sky tokens (heaven).
It added that it brings total purchase spending to 75 million USDs from the start of the plan, which first acted in late February.
Buybacks is a popular mechanism of crypto projects used to boost token prices as they remove tokens from circulation, supply restriction and theoretical that makes it more important.
Sky up 8% since the purchase began
Sky’s purchase began on February 24, with the platform then spent $ 4.28 million on that month on its program, according to Data From its own dashboard.
At this time, Sky trades just 6.3 cents and from 8.1% to date has traded more than 6.85 cents, coingecko Shut up.
The Sky struck at a high 9.6 cents in late July, which is close to all time peaks of more than 10 cents in December. It then slipped along the wider market from late July but failed to follow a wider recovery seen in mid -August.
In comparison, the tokens of similar uniswap platforms (Uni) and an AAVE (Ghost) respectively has gained 6% and 25.8% since Sky started its purchase, both of which see recovery in mid -August.
World Liberty Financial, Pump.Fun Join Plans Plans
The Crypto platform of Trumps, World Liberty Financial, also Has a token buyback and burn program in its community on Monday.
The project proposed using all protocol fees to buy back and permanently destroy the World Liberty Financial (WLFI) token, which collapsed in the middle of its debut launch in the second exchange.
WLFI has dropped more than 16% to 23 cents since its start of trade nearly 18 hours ago, but the first investors to buy the token at 1.5 cents will still see more than 1,400% gain.
In mid -July, the memecoin creation platform was also pump.fun started a token buyback scheme For its token, the pump.fun (pump), with its income, spent $ 66.5 million until Tuesday.
Its purchase plan so far seems to work, as it gained about 30% last month and climbed nearly 70% from this low time on July 29th, per Co ringecko.
Magazine: Altcoin Season 2025 is almost here … but the rules have changed
