Ex-manufacturer increases by 8% and secures $75 million through acquisitions.
In the ever-evolving world of cryptocurrencies, a familiar name has undergone a transformation. SKY, formerly known as Maker (MKR), has recently rebranded, marking a fresh start for this digital asset.
Gaston, a seasoned writer with seven years of experience, has been a passionate enthusiast of cryptocurrencies since 2020. He, like many others, is keeping a keen eye on the new developments surrounding SKY.
The team behind SKY has made significant moves to boost its growth. In August, they invested a staggering $75 million of their own tokens, aiming to incentivize the ecosystem and support the launch and growth of their new stablecoin, USDH, on the Hyperliquid exchange. This investment has led to fewer SKY tokens in circulation, driving up the price.
USDH, a digital dollar offering a fixed, predictable return with no wild volatility, works by depositing digital dollars and receiving 4.85% more each year. This attractive yield may attract more investors, especially those who are wary of the unpredictable nature of some cryptocurrencies.
Exchanging old MKR tokens for SKY offers 24,000 SKY per MKR, providing an opportunity for former MKR holders to join the new wave. However, many have yet to make the switch.
For those who are new to investing in SKY, platforms like Pionex offer a stress-free way to get started. Their trading robots, such as the DCA robot, which allows you to invest a fixed amount each week automatically, and the Grid robot, which buys tokens when the price drops and sells when it goes up, are designed to simplify the investment process.
The current trading volume of SKY has exploded by 266%, indicating a surge of interest in this rebranded asset. As a result, the price of SKY is currently 0.06€, and NewsAltcoinsSKY is experiencing an 8.5% increase.
The team behind SKY has shown ideas to drive up the price further with token buybacks and the introduction of the new 4.85% product. With these developments and the potential for steady returns, it's worth keeping an eye on SKY in the coming months. Start investing in SKY with small amounts, like 5-10% of what you can afford to lose, and join the growing community of investors in this exciting rebrand.
