$SKY As of February 19, 2026, Sky (SKY)—the rebranded governance token of the legendary MakerDAO—is a cornerstone of the modern DeFi landscape. Having completed its "Endgame" transition in late 2025, it now serves as the primary engine for the Sky Protocol and the USDS stablecoin.
1. Market Performance (Feb 19, 2026)
Current Price: Trading at approximately $0.067.
Ranking: Holds a strong position as the #54 cryptocurrency by market cap (roughly $1.3B - $1.6B).
24H Trend: The token is currently in a consolidation phase, down about 2.5% today following a broader market dip, but it has maintained a healthy 14% gain over the last 30 days.
Supply Dynamics: With a circulating supply of 23 billion SKY, the market is gradually absorbing the tokens created during the 1:24,000 swap from MKR that occurred in 2025.
2. The Rebrand Narrative: Beyond MakerDAO
Sky is no longer just "the MakerDAO token"; it represents a more accessible, retail-friendly version of the protocol.
The USDS Connection: The success of SKY is directly tied to the adoption of USDS (the successor to DAI). As demand for USDS grows in institutional and retail payments, the "Sky Savings Rate" (SSR) drives more utility back to SKY holders.
Aggressive Buybacks: The protocol recently executed a massive $1.9M buyback (removing over 31 million SKY from circulation). Since the rebrand, the treasury has spent over $102M on buybacks to stabilize the token’s value.
Governance Utility: SKY is used to vote on protocol risk parameters, new "SubDAOs" (specialized mini-ecosystems), and treasury allocations.
3. 2026 Outlook & Technicals
Key Support: Bulls are fiercely defending the $0.058 - $0.060 zone. If this level holds, analysts expect a re-test of the $0.095 resistance by late spring.
The "Ethereum Multiplier": Sky is benefiting heavily from recent Ethereum upgrades (Pectra/Fusaka). As L2 costs drop, Sky’s cross-chain liquidity becomes even more efficient.
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