KEY POINTS
- $SKI increased by nearly 70% overnight after news that Rep. Collins snapped up the memecoin
- Trading volume around the meme token surged above $26.1 million in the past day
- Collins Jr. said he likes $SKI and another token, $AERO
- He said it's time to start treating the crypto sector 'with the respect it deserves'
The 2024 U.S. campaign period shone the spotlight on which politicians support cryptocurrency, but as the year ends with alternative coins (altcoins) rising to the challenge of a bull run, Ski Mask Dog (SKI) has taken the crypto space by storm overnight.
The memecoin, which was only launched earlier this year, is in the spotlight after Republican Rep. Mike Collins Jr. of Georgia bought up to $15,000 worth of SKI. As news of his significant purchase spread on X, the token's price surged Wednesday night.
The token gained nearly 70% in the last 24 hours, spiking above $0.25 following a steady surge in the last week of November.
What is $SKI?
SKI is a meme token launched in May to represent the "freedom to express ourselves without judgment, both online and in real life."
Ski Mask Dog incorporates the general foundations of cryptocurrency: privacy and anonymity. A 100 percent community-owned memecoin, SKI is touted as a symbol of hope at a time when privacy has been eroded and there is "manipulation by powerful entities."
It can be traded on decentralized exchanges, but is most popularly used on Uniswap V2. Trading activity around SKI on Uniswap V2 hit above $26.1 million in the last day, as per CoinGecko data.
For trader Chris, SKI "meets all of the criteria of a successful memecoin," and it's only inevitable that the meme token will reach $1.
$SKI Mask Dog meets all of the criteria of a successful memecoin. It’s inevitably going to hit $1, and then once it’s listed on CEXs, it’s going to the moon. ❤️ $SKI pic.twitter.com/K4mVzc9skF
— CryptoChris (@cxlcrypto) December 4, 2024
Why Did Rep. Collins Buy $SKI?
Crypto industry tracker Unusual Whales revealed Collins Jr.'s purchase of SKI and AERO tokens on Tuesday. The American congressman has since confirmed the news, replying to the post with a meme of Pepe, the popular character from Matt Furie's "Boy's Club" comic.
Look at this.
— unusual_whales (@unusual_whales) December 3, 2024
US politician Michael Collins buys up to $15,000 of $AERO crypto and up to $15,000 of SKI MASK DOG crypto.
Unusual. pic.twitter.com/PrLqlrZp0U
"I liked the coins, so I bought them," he said in a statement Wednesday. "Washington and Wall Street have stigmatized emerging technology in the crypto ecosystem for far too long, and it's about time that we start treating this industry with the respect it deserves," he added.
On the website of crypto advocacy nonprofit Stand With Crypto, Collins Jr. has an A (very supportive) rating. He voted in favor of two "very pro-crypto" bills: FIT21 and the SAB 121 House Joint Resolution to overturn a Securities and Exchange Commission (SEC) staff bulletin related to digital asset custody accounting.
GOP Goes All In on Crypto
Throughout the campaign period during the 2024 U.S. elections, it became clear that many politicians with the Republican Party have already turned hard toward the crypto industry.
While several GOP members were already supportive of crypto for years, it was the 2024 campaign season that saw an outpouring of support from Republicans, including from U.S. President-elect Donald Trump and ally Sen. Cynthia Lummis.
Trump has nominated several cabinet members who are known to be pro-innovation and had good things to say about Bitcoin's potential in transforming traditional finance. The Republican Party also notably prioritized BTC and crypto on its 2024 platform.
Crypto leaders said after the elections that the country is set to welcome the "most pro-crypto Congress" in U.S. political history. In the case of Rep. Collins, it can be safe to say he is exploring the sector rather than just observing how it grows.
