Golden Finance reported that according to on-chain analyst Yu Jin (@EmberCN), Rune, co-founder of Sky, launched a large-scale repurchase operation, using all 2 million USDS transferred to the repurchase address last night to repurchase SKY tokens. Since June 4th, the repurchase activities have been continuously strengthening. As of now, Rune has cumulatively used 2.33 million USDS and successfully repurchased 30.227 million SKY, with the average repurchase price remaining stable at 0.077 US dollars.
SKY tokens, as the core assets of the Sky ecosystem, have a unique positioning in the field of decentralized finance. The continuous advancement of its repurchase mechanism demonstrates Rune’s firm confidence in the value of the Sky project and also sends a positive signal to the market. Through large-scale repurchase, on the one hand, the circulation quantity of SKY tokens in the market can be reduced. According to the principle of supply and demand, under the condition that demand remains unchanged or increases, the improvement of scarcity is expected to drive up the token price. On the other hand, it also helps stabilize market expectations, enhance investors’ trust in the project, and attract more potential capital inflows.
In the cryptocurrency market, token buybacks are not uncommon, but frequent and large-scale buyback operations like Rune still draw considerable attention. From historical cases, some projects have effectively boosted token prices and market heat through repurchase. For instance, in 2024, after a well-known DeFi project implemented a repurchase plan, the token price rose by more than 30% within a month, and user activity also increased significantly. However, the effect of repurchase is not absolute. Multiple factors such as the market environment and the fundamentals of the project will all have an impact on it. Currently, the SKY token market has responded positively to this repurchase operation. After the repurchase news was released, the trading volume soared within 24 hours and the price rose to a certain extent.
Subsequently, the market will closely monitor whether Rune will continue this repurchase pace and the impact of this repurchase on the long-term development of the SKY ecosystem. As the repurchase continues, the supply and demand structure of the SKY token may undergo significant changes, and its application scenarios in decentralized finance are also expected to further expand. For investors, this repurchase dynamic provides an important reference for investment decisions. However, the cryptocurrency market is highly volatile. While paying attention to potential returns, it is still necessary to carefully assess risks and rationally plan investment strategies.
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