SKI, Ski Mask Dog's native cryptocurrency, saw a spike on December 2 following reports that a US lawmaker had invested in the meme coin.
dog ski mask (skating) rose 25% to an intraday high of $0.237 on December 3, taking its market capitalization from about $187 million recorded the previous day to more than $235 million at writing.
Built on Base, the second layer of Coinbase, the SKI meme has captured attention for its strong community-led ethos, boasting a trading volume of over $6 million in the past 24 hours.
Although it was initially abandoned by its developer, SKI has seen a notable resurgence driven by its enthusiastic community, resulting in a significant spike in value and popularity.
Why did SKI rise today?
SKI's recent rally follows news that Rep. Michael Collins, a Republican from Georgia, increased his exposure to SKI tokens by acquiring an additional $15,000 worth of meme token as part of his recent investment in the sector.
Meme coins like SKI often rise after endorsements by high-profile figures, as retail investors tend to follow in their footsteps, creating a surge in demand once the token attracts mainstream interest. A Similar march This happened in December after Colin's previous investment in SKI, which led to a 10% jump in the price of the memecoin.
Adding to the momentum, community speculation about Binance's potential listing of SKI also rose after Binance's recent
SKI has already made its way onto Binance Alpha – a platform within Binance Wallet (formerly known as Binance Web3 Wallet) that showcases tokens potentially under consideration for future listings on the Binance Exchange.
Listings on major stock exchanges Such as Binance or Coinbase often have a significant impact on small-cap cryptocurrencies, such as SKI, with many of them reaching all-time highs after such news.
Community sentiment around the meme coin remains largely bullish, with 91% of 13.8K votes anticipating a further rise in the price of SKI, according to data from CoinMarketCap. The hype surrounding the coin has also prompted it to appear on Google in the US
With the impact of these stimuli, bullish expectations emerged. According to For cryptocurrency analyst TraderJohnny, SKI appears poised to break out of a descending triangle pattern, with strong support at a key horizontal level.
He noted the accumulation of steady volume and an average daily range of 21.72% on the one-day SKI/WETH chart, which is typically a sign of sustained trading activity, strengthening the case for a potential bullish breakout.
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