Crypto’s Wild Ride: $75M & A Mere 8%? 🤷

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So, it appears the crypto protocol formerly known as Maker – now rebranded as ‘Sky’, because apparently everything needs a slightly more dramatic name these days – has decided to throw a truly astonishing $75 million at its own token. The aim? To make it, well, slightly less disappointing. The result? An 8% price boost since February. Eight percent. That’s roughly the excitement level you experience when finding a slightly less stale biscuit in the tin. 🍪

Apparently, in August alone they exchanged 5.5 million of their USDS – which stands for… well, it stands for USDS, obviously – for 73 million SKY tokens. It’s all very circular, isn’t it? Like a particularly confused snake eating its own tail. 🐍

This brings the total spent on this noble endeavor to a cool $75 million. One can only assume the marketing department is currently brainstorming ways to explain why spending $75 million only yields an 8% return. “It’s an investment in… vibes?” seems a likely candidate.

You see, token buybacks are rather popular in the crypto world. The idea is to reduce the supply, making each remaining token theoretically more valuable. It’s like everyone agreeing a limited-edition rubber duck is worth more, even though it’s still, fundamentally, a rubber duck. 🦆

SKY up 8% since buyback started

The Great Buyback of ’24 began on February 24th, with Sky initially parting with $4.28 million. The token, at the time languishing at a price just above 6.3 cents, has since… climbed to just over 6.85 cents. A surge! A revolution! (Okay, maybe not.)

It peaked briefly in late July at 9.6 cents, getting a tantalizingly close sniff of its all-time high of 10 cents. Then, like a startled rabbit, it promptly retreated. Other tokens – Uniswap and Aave – are doing much better, probably because they haven’t wasted quite so much money on artificial inflation.

World Liberty Financial, Pump.fun join buyback plans

And now, joining the chorus of ‘Let’s throw money at our token!’ is World Liberty Financial, the crypto platform allegedly linked to… well, you know. They’re proposing to burn tokens – a dramatic term for destroying them, as if they committed some terrible crime – using their protocol fees. 💸

Their token, WLFI, has plummeted since launch (quelle surprise!), but early investors are still laughing all the way to the bank, having bagged tokens for a mere 1.5 cents. It’s a comforting reminder that in crypto, the early bird gets the… entire worm. 🐛

Pump.fun, another bright spark in the crypto universe, is also buying back its own token, PUMP, having spent a rather substantial $66.5 million. And it *is* working! The token has gained nearly 30% in the last month. Which, frankly, is more than can be said for most things at the moment. Perhaps we should all just buy back our own lives. It couldn’t hurt, right? 🤔

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2025-09-02 09:59