RWA / Tokenisation · RWA / Tokenisation
Sky all-time high and real returns SKY
Sky is the rebrand of MakerDAO, the protocol behind the DAI and USDS stablecoins. Most of its fee revenue has come from real-world assets. MKR holders migrated to SKY.
Sky all-time highs and real returns
In dollars and pounds, before and after inflation, since Oct 2024.
+43.4%Sky after US inflation since Oct 202419.8% a year
Up 52.2% in dollars since Oct 2024. After US inflation, up 43.4%. Against money printing, up 39.1%.
In pounds, up 47.9%, or up 39.0% after UK inflation.
- $ nominal
- +52.2%23.4% a year
- £ nominal
- +47.9%21.6% a year
- Real $ (US CPI)
- +43.4%19.8% a year
- Real £ (UK CPI)
- +39.0%17.9% a year
- vs US M2
- +39.1%18.0% a year
- Measured from
- Oct 2024to Oct 2026, 2 years
- Sky, Real $ (US CPI)$0.0790
- $ nominal$0.0790
- Oct 2026, latest
Loading the chart. Every figure is also in the table below.
| Period | $ nominal | £ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Past year from Oct 2025 | +41.1% | +40.1% | –a (see note a) | +36.4% | +34.5% |
| Since Oct 2024 first month in our data | +52.2% 23.4% a year | +47.9% 21.6% a year | +43.4% 19.8% a year | +39.0% 17.9% a year | +39.1% 18.0% a year |
- a US CPI was not published for Oct 2025.
On month-end closes, Sky's highest price was $0.0857 in Jul 2025, which is $0.0889 in Oct 2026 dollars after US inflation. The latest close of $0.0790 is 11.1% below the real high. The intraday record, $0.1009 on 5 October 2026, is higher than any month-end close.
Cycle peaks, falls and recoveries
Month-end highs followed by a fall of 50% or more, and the high that stands today, in Oct 2026 money.
| Peak | $ then | Today's $ (US CPI) | £ then | Today's £ (UK CPI) | vs M2 today | Fall after | Back above, $ | Back above, real $ |
|---|---|---|---|---|---|---|---|---|
| Jul 2025 All-time high | $0.0857 | $0.0889 | £0.0648 | £0.0670 | $0.0909 | −39.0% low Jun 2026 | Not yet | Not yet |
Return since our first month and since each cycle low
From the month-end close in the first column to Oct 2026.
| From | $ then | $ nominal | Real $ (US CPI) | Real £ (UK CPI) | vs US M2 |
|---|---|---|---|---|---|
| Oct 2024 First month in our data | $0.0519 | +52.2% 23.4% a year | +43.4% 19.8% a year | +39.0% 17.9% a year | +39.1% 18.0% a year |
| Jun 2026 Lowest since the high | $0.0523 | +51.1% | +50.6% | +50.2% | +49.6% |
Every month SKY closed at a new high
4 month-end closes above every earlier one
| Month | Close, $ | Today's $ (US CPI) |
|---|---|---|
| Jul 2025 | $0.0857 | $0.0889 |
| Jun 2025 | $0.0794 | $0.0825 |
| Nov 2024 | $0.0778 | $0.0826 |
| Oct 2024 | $0.0519 | $0.0551 |
How these figures are worked out
Sources, inflation measures and what is left out
- Month-end closes from Kraken, Binance, Oct 2024 to Oct 2026. Oct 2026 is still in progress, so its figure is the latest close rather than a month-end. Our history for Sky starts in Oct 2024, so longer windows are left out.
- Real figures divide by US CPI (BLS, via FRED) or UK CPI (ONS, joined to the ONS long-run RPI before Jan 1988) and are stated in Oct 2026 money. The M2 lens divides by the US M2 money supply (Federal Reserve, via FRED). Pounds convert at each month's GBP/USD rate.
- US CPI is published with a lag: Oct 2026 uses the Aug 2026 figure.
- UK CPI is published with a lag: Oct 2026 uses the Aug 2026 figure.
- US M2 is published with a lag: Oct 2026 uses the Aug 2026 figure.
- A return of 12 months or more also shows its yearly rate. Gaps in a source are left as gaps and never filled in.
Sky (formerly Maker) at a glance
- Up 52.2% in dollars since Oct 2024, up 43.4% after US inflation
- Up 39.1% against the US M2 money supply since Oct 2024
- 11.1% below its highest month-end close in today's money (Jul 2025)
- Sky (formerly Maker) is at $0.0771, 24% below its $0.1009 all-time high
- Bargain Score 43.1 out of 100, in the Fair value zone
Key numbers
- Market cap $1.8bn Rank 57
- 24-hour volume $9.3m
- 7 days -14.5%
- 30 days +23.7%
- Circulating supply 23.4bn Of a maximum 23.5bn
- Risk level Low
- Listed on 2 of 5 Binance, Kraken
Why it sits in this zone
Sky (formerly Maker) is at the lower end of Fair value: at least two of the sell-side conditions are met (Price 24% below ATH, greed high and low liquidity), though not enough for the Expensive zone. Its Bargain Score is 43. The price is 24% under its October 2026 high of $0.1009, less than a month on, which is a correction rather than the kind of collapse the model is built to find.
What drives the score
The largest weighted part of the score is token supply, at 1.00 out of 1, while project resilience contributes least at 0.34. The model counts Sky (formerly Maker) as a multi-cycle survivor, which gives it the highest starting point when estimating the chance of a new all-time high; that chance is currently rated High. Coins in the tokenisation group have been driven partly by institutional news, which does not always translate into demand for the token itself.
Where the cycle targets come from
The cycle targets of $0.1059, $0.116 and $0.1311 are anchored to the previous all-time high, because a reduced repeat of Sky (formerly Maker)'s past range would not reach it, so the low scenario sits just above the old high, a 37% move from today's price.
Sky (formerly Maker): questions people ask
What was Sky's all-time high in today's money?
Sky's highest recorded price was $0.1009 on 5 October 2026, from CoinGecko's record of intraday trades. Restated with US CPI to Oct 2026, that is $0.1009 in today's dollars. In pounds it was £0.0762 at the time, or £0.0762 after UK inflation.
On month-end closes, which is what our tables use, the peak was $0.0857 in Jul 2025, worth $0.0889 today. The latest price is 11.1% below the real high.
Has Sky beaten inflation since Oct 2024?
Our monthly history for Sky starts in October 2024. Since then it is up 52.2% in dollars and up 43.4% after US inflation, so it has beaten inflation over that stretch. Measured in pounds after UK CPI the figure is up 39.0%. Against the US M2 money supply it is up 39.1%.
How far is Sky (formerly Maker) below its all-time high?
Sky (formerly Maker) is 23.6% below its all-time high of $0.1009, which it set on 5 October 2026, and its all-time low is $0.0358, from February 2025. At $0.0771 it is much closer to its high than most of the coins we track. These figures come from CoinGecko and refresh every five minutes.
What is Sky (formerly Maker)'s Bargain Score?
The Bargain Score is 43.1 out of 100 (Watch). It combines the discount from the previous high, market sentiment, momentum and the coin's track record across past cycles. On our zone scale that places Sky (formerly Maker) in the Fair value zone: Price 24% below ATH · greed high · low liquidity. This describes current conditions; it is not a recommendation.
What do the Sky (formerly Maker) cycle scenarios assume?
Low cycle target $0.1059 (Previous ATH + 5% (the model’s cycle multiple lands below the previous high).). Base cycle target $0.1160 (Previous ATH + 15%: a return to the previous high (the model’s cycle multiple lands below it).). High cycle target $0.1311 (Previous ATH + 30% (the model’s cycle multiple lands below the previous high).). Each is the price the coin would reach if a smaller version of its past cycle repeated, not a loss case. They come from a model of past cycles and can be badly wrong.
How fearful is the crypto market right now?
The Crypto Fear & Greed Index reads 62 (Greed). Low readings mean fear, high readings mean greed. The Bargain Score uses it as one input, because past cycle lows tended to arrive during extreme fear.
What zone is Sky (formerly Maker) in today?
The model has placed Sky (formerly Maker) at the lower end of Fair value, where the first sell-side conditions show up, on a Bargain Score of 43, with Price 24% below ATH, greed high and low liquidity among the conditions behind it. Rather than a recommendation, the label is a reading of where Sky (formerly Maker)'s price and the wider market sit against the model's rules at this moment, and because the Fear & Greed value and the daily RSI both update at midnight UTC, just after midnight is when it is most likely to change. The 2-dot meter beside it shows where that zone sits on the five-step scale, from one dot for Expensive to five for Deep discount.
How long have Sky (formerly Maker)'s past recoveries taken?
Sky (formerly Maker) has no recovery of its own to measure yet. The price history we hold shows no earlier peak that was followed by a fall of 50% or more and then won back, and its current high dates from October 2026. The nearest thing to a guide is Bitcoin, and even its recoveries have taken years rather than months: about three years to set a new high after its December 2017 peak, and two years and four months after its November 2021 peak. Many smaller coins have not regained their 2021 highs at all, so past recoveries say nothing about whether or when this one will.
What are the cycle targets for Sky (formerly Maker)?
The model starts from Sky (formerly Maker)'s full range, its all-time high of $0.1009 divided by its all-time low of $0.0358, which is roughly 2.8-fold. It shrinks that multiple with a decay factor, on the assumption that each cycle is smaller than the last, and applies it from the low. For Sky (formerly Maker) that reduced repeat would not reach the old high, so the targets are anchored just above it instead, at $0.1059, $0.116 and $0.1311, which puts the low scenario 37% above today's price. They describe what a reduced repeat of the past would look like and say nothing about whether that will happen. Cryptoassets are high risk, and you should be prepared to lose all the money you put into them.
Why does Sky (formerly Maker) have a Bargain Score of 43 but sit at the lower end of Fair value?
Because the score and the zone measure different things. The score blends price distress, sentiment, positioning, resilience and supply into one number, while the zone checks whether specific conditions line up, such as Fear & Greed crossing a threshold or the RSI reaching oversold or overbought levels. The sell-side rules are checked before the buy-side ones, and with Fear & Greed at 62 (Greed) and Sky (formerly Maker)'s RSI at 49, at least two of the conditions for the lower end of Fair value are met, which places Sky (formerly Maker) there whatever its score.
Important information
Don't invest unless you're prepared to lose all the money you invest. This is a high-risk investment and you should not expect to be protected if something goes wrong.
Cryptoassets are largely unregulated in the UK, so you are unlikely to have access to the Financial Ombudsman Service or the Financial Services Compensation Scheme if something goes wrong. Educational information only, not financial advice. Read our disclaimer.
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