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US Congressman’s $30K Investment in Ski Mask Dog Sparks Memecoin Rally
- US Congressman Michael Collins disclosed buying US$30K in “Ski Mask Dog”, causing the token to surge rapidly.
- Over the past year, Collins has invested heavily in many other coins, including Ether, Aerodrome, and The Graph.
- Collins defended his investments, criticising Washington and Wall Street for stigmatising crypto, and filed disclosures as per ethics rules.
66%. That’s how much a single dog-themed memecoin surged today just because a US congressman admitted to buying US$30K (AU$46K) worth.
Representative Michael Collins, a Republican from Georgia, disclosed trades in the meme coin “Ski Mask Dog”, investing between US$1,000 (AU$1,554) and US$15,000 (AU$23,314) in two transactions on December 1 and 2, 2024, according to financial reports.
Related: Celsius Founder Alex Mashinsky Agrees to Plead Guilty in Crypto Fraud Case
Since Collins’ purchase, the token has risen by over 66%, now trading at US$0.26 (AU$0.39), with a US$240M (AU$373M) market cap, as per data from CoinMarketCap.
Collins represents Georgia’s 10th Congressional District and was re-elected with 63.1% of the vote against Lexy Doherty. The politician is not your typical old-timer who fuds crypto; he actually puts his money where his mouth is as he’s also deep into large-cap currencies and popular layer-1 coins.
Congressman Makes Several Large Crypto Purchases
Over the past year, the congressman has purchased US$65K(AU$101.5K) in Ether (ETH), US$115K (AU$178K) in Aerodrome (ERO), and US$15K (AU$23.3K) each in The Graph (GRT) and Velodrome (VELO).
Collins said in a statement to Decrypt that he bought the coins because he liked them, which is a totally fair reason and I won’t question it:
I liked the coins, so I bought them. 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.
Michael Collins, Republican Representative When his purchases were flagged by blockchain tracker Unusual Whales, he responded with a picture of Pepe the Frog, which of course, caused a surge in Pepe’s (PEPE) price.
He even filed his purchases, which is not particularly weird because he’s technically required to do so under the Ethics in Government Act, which requires House members to file Periodic Transaction Reports (PTRs) exceeding US$1K. Otherwise, the United States House Committee on Ethics can fine him over undisclosed purchases.
Related: Chance for Australian Crypto Businesses to Shape ASIC Guidance on Digital Asset Compliance
Author
José Oramas
José is a journalist and translator with a keen interest in blockchain and cryptocurrencies.
