SKI jumps 25% following news of backing from a US lawmaker

SKI, the native token of Ski Mask Dog, experienced a substantial surge of 25% on December 2, 2024, following reports that U.S. Representative Michael Collins, a Republican from Georgia, had made a significant investment in the meme coin. Collins, who has become a notable supporter of the cryptocurrency sector, purchased an additional $15,000 worth of SKI tokens, further solidifying his exposure to the growing crypto space. This investment triggered a dramatic rally in SKI’s price, pushing it to an intra-day high of $0.237. Consequently, the market cap of the token jumped from approximately $187 million to over $235 million, marking a considerable increase in a very short span of time.

The SKI token, built on Coinbase’s Layer 2 blockchain, Base, has recently garnered attention for its robust community-driven ethos. Despite facing initial abandonment by its developer, SKI experienced a remarkable revival thanks to the enthusiasm and persistence of its community. This resurgence has led to a substantial increase in both its popularity and value, making it one of the most talked-about meme coins in the crypto market today. Over the past 24 hours, the token recorded an impressive $6 million in trading volume, signaling significant interest from both retail and institutional investors.

Meme coins like SKI often experience price rallies when they gain endorsements from high-profile figures, especially those with influence in the political or business sectors. Collins’ investment helped fuel retail interest in the token, as many retail investors tend to follow the lead of influential figures. This is not the first time such a rally has occurred; in fact, a similar price increase took place earlier in December following Collins’ first investment in SKI, resulting in a 10% price surge. This pattern underscores the impact that political endorsements can have on meme coins, which often rely on hype and social media trends to gain traction.

Adding to the positive momentum, there has been growing speculation surrounding a potential listing of SKI on Binance, one of the largest cryptocurrency exchanges in the world. The speculation was further fueled by a recent post on Binance’s official X (formerly Twitter) account, which featured an image of a man in a skiing suit, checking cryptocurrency charts while on a ski lift. Many in the SKI community interpreted this as a subtle hint toward the meme coin, speculating that it could soon be added to Binance’s list of supported tokens. SKI’s presence on Binance Alpha, a platform within the Binance Wallet that showcases tokens potentially under consideration for future listings, only added to this speculation, further driving excitement around the token.

The idea of a listing on major exchanges like Binance or Coinbase often leads to a surge in a token’s price, especially for meme coins with small market caps like SKI. Such listings can result in a substantial increase in trading volume and a potential all-time high price, as retail investors rush to buy in ahead of the exchange listing. As SKI continues to gain visibility, the possibility of such a listing could catalyze even greater demand.

The overall sentiment surrounding SKI is overwhelmingly positive, with 91% of the 13.8k votes in a recent poll on CoinMarketCap predicting a further rally in the token’s price. This bullish outlook is further supported by technical analysis from crypto experts, including TraderJohnny, who points out that SKI appears poised for a breakout. The token is currently holding strong support at a key horizontal level, and the average daily trading range of 21.72% suggests continued momentum. TraderJohnny noted that the steady volume accumulation and the trading activity in the 1-day SKI/WETH chart further solidify the case for a bullish breakout, indicating that SKI could see significant gains in the near future.

Moreover, SKI’s increasing presence on platforms like Google Trends, where it has been trending in the U.S., highlights the growing interest in the meme coin. With strong community backing and increasing attention from both retail investors and high-profile figures like Collins, SKI is set to continue its rise in the cryptocurrency space. As new catalysts emerge, including potential exchange listings and growing institutional interest, the token is positioned for further growth in 2025. All of these factors combined—public endorsements, community enthusiasm, technical indicators, and speculation about exchange listings—are shaping up to make SKI one of the most talked-about meme coins in the market, with significant upside potential for investors.