Sky, the token that emerged from MakerDAO's rebrand, jumped more than 16% over a 24 hour stretch this week even as the broader cryptocurrency market pulled back, a divergence that first stood out in data tracked on AlternativeMarkets.AI, a Madison Labs research site. The rally coincided with confirmation that Sky's underlying stablecoin protocol retained a B- rating with a stable outlook, affirmed October 1, on the strength of $9.5 billion in backing supply, roughly two thirds of which sits in cash-like instruments.
The composition of that backing matters because it speaks directly to how Sky's stablecoins, USDS and DAI, are collateralized. According to figures tied to the rating affirmation, USDC and Treasury-backed money-market funds together accounted for $4.92 billion, close to half of the combined USDS and DAI supply. The remainder is spread across other collateral types, a mix that rating reviewers apparently judged sufficient to hold the B- grade steady rather than move it in either direction.
For investors watching the token itself, the rating stability offers a baseline reference point distinct from the price action. A B- rating with a stable outlook is not an endorsement of the token's market performance, but it does indicate that the reserve composition backing the stablecoin side of the protocol was not seen as deteriorating at the time of review. That distinction matters because Sky's token price and its stablecoin backing, while related through the same protocol, are not the same instrument and do not necessarily move for the same reasons.
Sky traded at $0.08863 as of the most recent snapshot, down 1.63% on a short-term basis even as longer windows showed substantial gains, including a 13.12% move over one period and gains above 28% and 35% across longer stretches tracked on the same page. Separately, AMBCrypto reported that Sky's revenue grew 799% in a matter of days, alongside increases in transaction counts and daily active users, framing that growth as a factor that could extend an 11% rally the outlet had identified. The Currency Analytics also flagged the revenue increase in its own coverage, describing it as a "remarkable" surge without attaching a specific price forecast. Tokenpost, meanwhile, noted a sharper intraday swing, reporting that Sky fell 7.48% in four hours to $0.08732 on Binance's spot market the prior Friday, underscoring the volatility surrounding the token even amid the broader upward move.
Sky's market capitalization stood at roughly $2.08 billion with a circulating supply near 23.42 billion tokens, and 24 hour trading volume of about $48.72 million. The token's background traces to MakerDAO, one of decentralized finance's earliest and largest protocols, which rebranded to Sky as part of a broader governance and product overhaul while continuing to issue DAI alongside its newer USDS stablecoin.
The move stands out against a backdrop of broader crypto market weakness. Bitcoin traded near $84,608, down about 2% over 24 hours, while Ethereum sat near $2,682, off roughly 2.2%. BNB, XRP, Solana and Dogecoin all posted declines in the same window, and Zcash fell more sharply, down over 5%. Against that backdrop, Sky's double-digit gain represents a notable outlier rather than a market-wide trend, and nothing in the available data ties the token's price move directly to the rating affirmation or the reserve composition figures, which pertain to the stablecoin side of the protocol rather than the token's valuation.
Investors and protocol watchers are likely to keep an eye on whether the revenue growth reported by AMBCrypto and The Currency Analytics proves durable or reflects a short-term spike in activity, since neither outlet's figures were accompanied by a multi-period trend showing sustained levels. The next scheduled review of Sky's B- rating will offer a further checkpoint on whether the cash-like share of the $9.5 billion backing pool holds steady, grows, or shifts toward other collateral types. In the near term, traders will also be watching whether Sky's price action stabilizes or continues the kind of sharp intraday swings Tokenpost documented, particularly given the token's relatively modest $48.72 million in daily volume relative to its market capitalization, a ratio that can amplify price moves in either direction.