SKI surges 25% on news of backing from a US lawmaker

Ski Mask Dog’s native token, SKI, experienced a significant rise on December 2 following news that a US lawmaker had invested in the meme coin.

Ski Mask Dog (SKI) rose 25% to an intraday high of $0.237 on December 3, pushing its market capitalization to over $235 million from approximately $187 million recorded the previous day.

Built on Coinbase’s Layer 2 blockchain Base, the SKI meme coin has attracted attention with its strong community-focused ethos and reached over $6 million in transaction volume in the last 24 hours.

Although initially abandoned by its developer, SKI has experienced a remarkable revival driven by its passionate community, leading to a significant increase in both value and popularity.

Why did SKI meet today?

SKI’s recent rally followed news that Rep. Michael Collins, a Republican from Georgia, increased his exposure to SKI tokens by purchasing an additional $15,000 worth of meme tokens as part of his recent investment in the sector.

Meme coins like SKI often rebound after endorsements from high-profile figures, as retail investors tend to follow their lead, driving up demand once the token attracts mainstream attention. A similar rally occurred in December following Collin’s previous investment in SKI, which led to a 10% increase in the price of the meme coin.

In addition to this momentum, community speculation about a possible listing for Binance’s SKI also increased after Binance’s last X post featured a man in ski gear checking the charts on a chairlift; many interpreted this as a slight nod to meme money.

SKI has already entered Binance Alpha, a platform within the Binance Wallet (formerly known as Binance Web3 Wallet) that showcases tokens under consideration for potential future listing on the Binance Exchange.

Listings on major exchanges like Binance or Coinbase have a huge impact on small market cap meme coins like SKI, with many of them hitting all-time highs following such news.

According to data from CoinMarketCap, community sentiment around the meme coin remains largely bullish, with 91% of 13.8k votes predicting further rises in SKI price. The hype surrounding the coin has also pushed it to trend on Google in the US

With these catalysts coming into play, bullish predictions emerged. According to crypto analyst TraderJohnny, SKI looks set to break out of the descending triangle formation with strong support holding at a key horizontal level.

He noted the steady volume accumulation and Average Daily Range of 21.72% on the 1-day SKI/WETH chart; This is typically a sign of sustained trading activity, reinforcing a potential uptrend.