SKI, Ski Mask Dog’s native token, saw a significant rally on December 2 after reports that a United States lawmaker invested in the meme coin.
Ski Mask Dog (SKI) rose 25% to an intraday high of $0.237 on December 3, increasing its market capitalization to over $235 million from around $187 million the day before.
Built on Base, Coinbase’s Layer 2 blockchain, the SKI meme coin has attracted attention for its strong, community-driven ethos, with trading volume exceeding $6 million in the past 24 hours.
Although initially abandoned by its developer, SKI has experienced a remarkable resurgence powered by its passionate community, resulting in a significant increase in both value and popularity.
Why did SKI meet today?
SKI’s recent rally followed the news that Representative Michael Collins, a Republican from Georgia, increased his exposure to SKI tokens by acquiring an additional $15,000 meme token as part of his latest investment in the sector.
Meme coins like SKI often rise after messages of support from prominent figures, as retail investors tend to follow their lead, increasing 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 meme coin’s price.
Adding to the momentum, community speculation about a possible Binance listing for SKI also increased after Binance’s recent X-post featured a man in a ski suit checking the cards in a ski lift, which was interpreted by many as a subtle nod to the meme coin.
SKI has already made its way to Binance Alpha – a platform within Binance Wallet (formerly Binance Web3 Wallet) that lists tokens that may be eligible for future listings on the Binance Exchange.
Listings on major exchanges like Binance or Coinbase often have a big impact on small-cap meme coins like SKI, with many of them reaching new all-time highs after such news.
Community sentiment around the meme coin remains largely bullish, with 91% of the 13.8k votes predicting a further increase in SKI’s price, according to data from CoinMarketCap. The hype surrounding the coin has also made it popular on Google in the US
With these catalysts coming into play, bullish predictions have emerged. According to According to crypto analyst TraderJohnny, SKI appears to be on the verge of breaking out of the descending triangle pattern, with strong support 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.
