SKI, the native token of Ski Mask Dog, saw a significant rally on Dec. 2 following reports that a United States lawmaker has invested in the meme coin.
Ski Mask Dog (SKI) soared 25% to an intra-day high of $0.237 on Dec. 3, bringing its market cap up from around $187 million recorded the previous day to over $235 million when writing.
Built on Base, Coinbase’s Layer 2 blockchain, the SKI meme coin has captured attention for its strong community-driven ethos, boasting over $6 million in trading volume within the last 24 hours.
Although initially abandoned by its developer, SKI experienced a remarkable revival driven by its passionate community, resulting in a significant surge in both value and popularity.
You might also like: Kekius price rises as Pepe whale buys, but downside risks remain
Why did SKI rally today?
SKI’s recent rally followed news that Representative Michael Collins, a Republican from Georgia, increased his exposure to SKI tokens by acquiring an additional $15,000 worth of the meme token as part of his latest investment in the sector.
The first time in history a U.S Representative bought a memecoin not just once, BUT TWICE. https://t.co/OWcJvb3nSV
— Brian jung (@thebrianjung) January 2, 2025
Meme coins like SKI often rally after endorsements from high-profile figures, as retail investors tend to follow their lead, driving demand once the token captures mainstream attention. A similar rally transpired in December following Collin’s previous investment in SKI, which led to a 10% jump in the meme coin’s price.
Adding to the momentum, community speculation about a potential Binance listing for SKI also surged after Binance’s recent X post featured a man in a skiing suit checking charts on a ski lift, which many interpreted as a subtle nod to the meme coin.
Multitasking level: checking charts on the ski lift. pic.twitter.com/VXQDn005E9
— Binance (@binance) January 2, 2025
SKI has already made its way onto Binance Alpha—a platform within Binance Wallet (formerly Binance Web3 Wallet) that showcases tokens potentially under consideration for future listings on the Binance Exchange.
Listings on major exchanges like Binance or Coinbase often have a major impact on meme coins with small market caps, such as SKI, with many of them reaching new all-time highs following such news.
Community sentiment around the meme coin remains largely bullish, with 91% of 13.8k votes predicting a further rally in SKI’s price, according to data from CoinMarketCap. The hype surrounding the coin has also propelled it to trend on Google in the U.S.
With these catalysts at play, bullish predictions have emerged. According to crypto analyst TraderJohnny, SKI appears set to break out of a descending triangle pattern, with strong support holding at a key horizontal level.
He pointed to steady volume accumulation and an Average Daily Range of 21.72% on the 1-day SKI/WETH chart, which is typically a sign of sustained trading activity, strengthening the case for a potential bullish breakout.
Read more: Dogecoin price stalls as DOGE ETF approval odds fall
