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Sky
SKY#61
$0.05739-0.74%
Sky (SKY) is the governance token of Sky Protocol, the system that replaced Maker Protocol in 2024. Holding SKY grants users voting power over how the protocol operates — making it function more like a digital governance stake than a payment coin. The broader ecosystem revolves around USDS, a decentralized stablecoin pegged to the US dollar, and is designed to simplify trading, saving, and earning rewards without requiring users to hand custody of their funds to a middleman.
Rather than relying on a central operator, Sky Protocol runs entirely through smart contracts — self-executing code on the blockchain. Beyond governance, SKY can be locked into the protocol's Staking Engine, where token holders support the system's operations and may earn rewards in return. The protocol also features SkyLink, a cross-chain bridge built to move funds between different blockchains more efficiently, targeting faster speeds and lower transaction costs.
What distinguishes Sky is its community-driven structure. The protocol reportedly operates without a single CEO or a traditional investor-backed core team; instead, strategic decisions are pushed directly to SKY holders. This gives the token a well-defined purpose, but it also means its value is tightly linked to participation levels and the overall health of the governance process — not everyday spending demand.
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What is Sky? A quick explainer
SKY is the token that gives holders voting rights over decisions in Sky Protocol. It can also be staked to earn rewards, though its real value depends heavily on how active and effective the community governance turns out to be.
Security check
Smart contract risk scan — checks for honeypots, hidden taxes and more.
Clear bullish / neutral / bearish signal based on market data, on-chain security and macro signals.
Analysis from November 3, 2026
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Rating
Bearish82% confident
Confidence
Summary
Sky is changing hands at $0.066145, up 1.94% over the past 24 hours and 0.32% over the past week — but that short-term bounce sits against a steeper 29.21% drop over the last 30 days. The Fear & Greed Index, a widely-used gauge of crypto sentiment, has slid from 51 to 26 (Fear) in just a week, pointing to a notable shift toward caution among market participants. Contract checks add to the unease: the aggregate security score sits at a weak 40/100, the contract retains the ability to mint new tokens under its rules, and the ten largest wallets hold 89.56% of all recorded tokens — a significant concentration. On the positive side, Sky's code is open-source, several higher-risk contract functions are absent, $5.1 billion in locked or backed capital is being tracked, and 99.84% of its maximum supply is already in circulation. For anyone looking at this from a medium- to long-term lens, this investment research (MiFID II Del. Reg 2017/565 Art. 36) suggests the weaker elements — fragile sentiment, climbing interest rates and inflation, and concentrated holdings — currently outweigh the constructive factors.
📰 Current News & Events
News sentiment around Sky is essentially neutral right now, scoring 0 with just a single relevant headline in circulation. That October 30 piece from NewsBTC actually centers on USDD's treasury performance and ecosystem growth — not on Sky itself — so it doesn't offer a direct catalyst for SKY's price action. With no Sky-specific story driving the narrative, the monthly decline looks more like a byproduct of souring crypto sentiment broadly, tighter macroeconomic conditions, and lingering concerns over the project's contract security.
📈 Price Movement Analysis
SKY currently sits at $0.066145, up 1.94% on the day and a modest 0.32% over the past week. That small recovery hasn't been enough to offset the bigger picture: the token remains down 29.21% over the past month and roughly 34.4% below its October 5 all-time high of $0.10087. The Fear & Greed Index's steep weekly slide, paired with climbing interest rates and inflation, lines up with a broader cooling of appetite for volatile assets. Daily trading volume of about $7.0 million reflects current activity levels, though volume alone can't tell us how many distinct participants are actually behind those trades.
Strengths
✅Roughly 23.42 billion SKY tokens are in circulation out of a stated maximum of about 23.46 billion — that's 99.84% already issued, leaving just 0.16% still outside circulation.
✅The contract is open-source and shows no hidden owner privileges, no transfer-pause switch, no adjustable transaction slippage, and no ownership-recovery backdoor. Ruling out these mechanisms meaningfully lowers certain administrative risks.
✅The scan found zero transaction taxes and no honeypot flags — meaning no detected mechanism designed to trap or block token transfers.
✅Total value locked (TVL) — the locked or backed capital tracked by the data provider — stands at $5.1 billion, giving a market-cap-to-TVL ratio of 0.29. That ratio is a neutral data point on its own and doesn't confirm growth, rising usage, or fresh deposits.
Risks
⚠️An aggregate contract security score of just 40/100, combined with the contract's ongoing ability to mint new tokens, introduces real uncertainty around future supply — even with most of the maximum supply already in circulation.
⚠️The ten largest wallets control 89.56% of all recorded tokens, a level of concentration that could trigger outsized price moves if any of those holders decide to sell. The 17,112 addresses on record represent wallets, not necessarily unique people, so they don't paint a full picture of how widely ownership is actually spread.
⚠️The Fear & Greed Index has dropped 25 points in a week to reach 26 (Fear) — a fast deterioration that signals fragile confidence in volatile crypto assets right now.
⚠️The Federal Funds Rate has climbed from 3.75% to 3.88%, while annual inflation has risen from 3.71% to 4.02%. Together, these create a tougher macro backdrop for risk-sensitive assets like SKY.
⚠️Despite the recent small bounce, SKY is still down 29.21% over 30 days, and no token-unlock schedule is available in current coverage — limiting visibility into potential near-term supply shocks.
📊 Macro context
The Fear & Greed Index has fallen to 26 (Fear) from 51 just a week ago — a sharp swing from neutral sentiment to clear caution across crypto markets. Meanwhile, the Federal Funds Rate has risen to 3.88% from 3.75%, and annual inflation has climbed to 4.02% from 3.71%, together creating a more restrictive environment for volatile assets. The Dollar Index has eased slightly, from 121.74 to 121.67, but that minor dip does little to offset the broader pressure coming from rates and inflation. Among the seven top stablecoins tracked, combined value sits at $260.5 billion, down 1.2% over the week and 3.1% over the month — though this is a limited measurement set, not the full market, and doesn't by itself predict where SKY is headed. No Sky-specific regulatory news has surfaced, and a reliable 90-day Fear & Greed comparison isn't currently available.
❓ Frequently Asked Questions
Is Sky (SKY) a good investment right now?
The current data picture leans strained rather than favorable. A Fear & Greed reading of 26, rising interest rates and inflation, a weak 40/100 security score, and heavy concentration among the largest wallets currently outweigh the positives — namely the open-source contract, substantial tracked capital base, and near-full circulating supply.
Why is Sky (SKY) price down this month?
SKY has dropped 29.21% over the past 30 days, even after gaining 1.94% in the most recent 24-hour period. There's no specific Sky news driving this decline — instead, it lines up with a broader, rapid cooling of crypto market sentiment and a less supportive macroeconomic environment.
What are the biggest risks and strengths for Sky (SKY) right now?
On the strength side: open-source code, the absence of several higher-risk contract functions, $5.1 billion in tracked locked or backed capital, and 99.84% of maximum supply already circulating. On the risk side: a weak 40/100 security score, an active minting capability, 89.56% token concentration among the top ten wallets, fearful market sentiment, and climbing rates and inflation.
Sky is changing hands at $0.075272 after an 8.79% daily rebound, though the coin is still down 1.33% over the past week and sits 25.38% below its recent all-time high. The Fear & Greed Index reads 55, a Neutral score that's slipped from 62 just seven days ago — a sign that confidence is cooling even as the price bounces. Nearly all of the stated maximum supply is already in circulation, and the protocol holds $5.84 billion in tracked locked or backed capital, though that figure on its own doesn't confirm heavier usage or fresh deposits. The bigger concerns in this coin analysis are a low security trust score of 40, a mintable contract, and 89.33% of supply concentrated among the ten largest holder addresses. Weighed together, the improving 30-day price trend is outpaced by ownership concentration, security red flags, softening sentiment, and a tough interest-rate and inflation backdrop. This reflects investment research under MiFID II Del. Reg 2017/565 Art. 36 and should be read as an investment recommendation under MAR Art. 3(35), not investment advice.
Oct 15, 2026, 8:06 AM
BearishBearish · 78% confident
SKY is changing hands at $0.068887 after a rough 24 hours that saw it drop 9.91%, bringing its seven-day loss to 12.32%. Zoom out to the 30-day window, though, and the token is still up 10.83% — but it's also sitting roughly 31.7% below the record high it hit on October 5, 2026. Broader market mood isn't helping: the Fear & Greed Index reads 53 (Neutral), down from 59 a week ago, signaling that crypto-wide optimism is losing steam. Contract-level data raises additional concerns for this coin analysis — a security score of just 40/100, a minting function that lets new tokens be created, and a striking concentration where the top 10 addresses hold 89.35% of the total supply. Even with $5.9 billion in locked or backed capital and 99.86% of the reported maximum supply already in circulation, the overall setup looks strained.
Oct 7, 2026, 4:07 PM
NeutralNeutral · 70% confident
Sky is changing hands at $0.080005, giving it a market capitalization (price multiplied by circulating supply) of roughly $1.9 billion after a 10.34% drop in the past 24 hours. The pullback hasn't erased everything, though — Sky is still up 15.69% over the past 30 days, even as it sits 20.7% below its all-time high of $0.10087, hit on October 5. The Fear & Greed Index reads 71, which falls into 'Greed' territory and signals an optimistic market, but the slide from 74 a week ago hints that enthusiasm is cooling and the token may be more exposed to further pullbacks. Sky's ecosystem holds $6.2 billion in tracked locked or backed capital and recently picked up fresh institutional exposure, but a security score of just 40, a mintable contract, and 89.57% supply concentration among the ten largest addresses are real red flags. With neutral news flow, rising interest rates, and accelerating inflation in the mix, the setup looks balanced on paper but fragile underneath for anyone with a medium-term horizon.
Oct 6, 2026, 12:02 AM
NeutralNeutral · 72% confident
Sky trades at $0.088492, with strong gains of 16.1% over seven days and 30.3% over 30 days, despite an 8.7% drop in the latest 24 hours. The token reached a new all-time high of $0.10087 before retreating roughly 12.3%, showing that momentum remains strong but volatility has increased. The Fear & Greed Index stands at 70, labeled Greed, and has fallen from 73 over seven days; optimism remains elevated, but sentiment is no longer strengthening consistently. Galaxy's addition of $100 million in sUSDS and $6.1 billion in tracked locked or backed capital provide constructive ecosystem context. For investors, the weak 40/100 security trust score, extreme concentration among the largest addresses, minting capability, and unavailable token-unlock and on-chain flow information leave the overall picture divided and fragile.
Oct 4, 2026, 8:02 AM
NeutralNeutral · 73% confident
Sky is changing hands at $0.097732 after a 9.73% jump in 24 hours, a 21.31% climb over the past week, and a 36.01% surge over the past month. That rally has pushed the token within roughly 2.8% of its all-time high of $0.100535, fueled by strong momentum and news that Galaxy added $100 million in sUSDS to its treasury. The Fear & Greed Index sits at 65 (Greed), but its slide from 74 over the past week signals that market enthusiasm is starting to cool. Sky also holds $6.1 billion in tracked locked or backed capital, and nearly all of its stated maximum supply is already in circulation. On the other side of the ledger, the smart-contract security score is a weak 40, the ten largest addresses control 89.78% of all tokens, and the contract retains the ability to mint new tokens. Taken together, this coin analysis points to a balanced setup: ecosystem momentum and price strength are encouraging, but ownership concentration, fading sentiment, rising rates and inflation, and missing unlock and development data leave real uncertainty on the table.
