Ski Mask Dog (SKI) Token Sees Rally Amidst US Lawmaker Investment
SKI, the native token of Ski Mask Dog, experienced a significant rally on December 2nd following reports of a United States lawmaker investing in the meme coin. The price of SKI surged 25% to reach an intra-day high of $0.237 on December 3rd, pushing its market cap from around $187 million to over $235 million at the time of writing.
Powered by Base, Coinbase’s Layer 2 blockchain, the SKI meme coin has garnered attention for its strong community-driven approach, with trading volume exceeding $6 million within the last 24 hours. Despite being initially abandoned by its developer, SKI witnessed a remarkable resurgence driven by its dedicated community, resulting in a substantial increase in both value and popularity.
The recent uptick in SKI’s price can be attributed to news of Representative Michael Collins, a Republican from Georgia, increasing his stake in SKI tokens by acquiring an additional $15,000 worth of the meme token as part of his latest cryptocurrency investment. Meme coins like SKI often experience rallies after endorsements from prominent figures, as retail investors tend to follow suit, driving demand once the token gains mainstream attention.
Furthermore, speculation within the community about a potential listing on Binance for SKI gained traction after a recent post on Binance’s platform featured imagery related to skiing, which many interpreted as a subtle nod to the meme coin. SKI has already found its way onto Binance Alpha, a platform showcasing tokens potentially considered for future listings on the Binance Exchange.
Listings on major exchanges like Binance or Coinbase typically have a significant impact on meme coins with small market caps, such as SKI, often leading to new all-time highs. Community sentiment towards SKI remains optimistic, with a majority of votes predicting a further surge in the token’s price, according to data from CoinMarketCap. The buzz surrounding SKI has even propelled it to trend on Google in the U.S.
With these positive developments in play, bullish forecasts have emerged. Crypto analyst TraderJohnny highlighted the potential for SKI to break out of a descending triangle pattern, with strong support at a key horizontal level. He also noted steady volume accumulation and an Average Daily Range of 21.72% on the 1-day SKI/WETH chart, indicating sustained trading activity and bolstering the case for a potential bullish breakout.
In conclusion, the rally of SKI following the US lawmaker’s investment and the speculation surrounding a possible Binance listing have injected a new wave of optimism into the meme coin, paving the way for potential price gains in the near future.