SkyAI down 92% from June peak as on-chain sleuths finger whales doing the dumping 🕵️

SkyAI [SKYAI] has shed roughly 92% of its value since climbing to a $0.479 high in mid-June, with the token now trading near $0.05 and rapidly approaching the $0.007 lows recorded in October 2025. The decline follows a one-week 216% rally from $0.151 to $0.479, a move that researchers say was followed by heavy selling into retail demand.

On-chain investigator Freeman used Nansen data to detail a pattern in which whales accumulated SKYAI during the mid-June push to roughly $0.47 and then distributed into the rally. He described the sequence as a parabolic narrative pump, concentrated supply in a few wallets, heavy distribution into retail FOMO, and a violent dump. Bubblemaps has separately flagged wallet patterns it said were consistent with potential market manipulation on centralized exchanges, while investigator ZachXBT has issued comparable warnings about the RAVE token.

Open Interest in SKYAI has climbed alongside the drawdown, nearly doubling from $6.81 million on July 8 to $13.14 million in recent trading hours, even as the price broke below the $0.146 support level that had held since April. AMBCrypto had earlier reported a decline in Open Interest following the mid-June rally to $0.479. The token was last seen about 75% below that former support zone, with elevated trading volume accompanying the latest leg lower.

Market data reviewed by AMBCrypto indicated that retail participation was fading relative to large orders, a dynamic analysts flagged as another marker of suspicious price action. SKYAI's combination of a sharp correction, rising derivatives exposure and outstanding manipulation allegations has left the near-term recovery outlook uncertain, with the October 2025 low now in immediate view.