Sky Token Projected to Surge 400% to $0.325 by 2028, Says Standard Chartered
In a new forecast, Standard Chartered predicts SKY will climb from its current $0.065 valuation to $0.325 by 2028's conclusion, matching Ether's performance while surpassing Bitcoin's gains.
In a report released on Friday and provided to Cointelegraph, Standard Chartered announced its initial coverage of the SKY token from Sky, setting an ambitious price target of $0.325 for the conclusion of 2028, representing a fivefold increase from the current $0.065 valuation.
The bank's global head of digital assets research, Geoff Kendrick, drew a comparison between Sky, the decentralized finance (DeFi) platform that was previously operating under the MakerDAO name, and a "federal bank" due to its role in issuing stablecoins, establishing governance structures and imposing wholesale interest rates on borrowers.
According to Kendrick's analysis, Sky delivers value back to its token holders mainly through staking rewards, while token buyback programs represent a more modest portion of the value return mechanism.
In the stablecoin ecosystem, Sky holds the position as the third-largest issuer, trailing behind Tether and Circle, while simultaneously maintaining its status as the largest provider of yield-bearing stablecoins.
The projection suggests that SKY will largely match Ether's trajectory while delivering superior returns compared to Bitcoin throughout the period extending to 2028, Kendrick noted. Standard Chartered's forecasts position Ether at $18,000 and Bitcoin at $300,000 by the end of 2028.
According to data from DeFiLlama, Sky's yield-bearing sUSDS token maintained a total value locked of $4.5 billion and was delivering an annual percentage yield of 3.6%.