The token soared after US Congressman Michael Collins revealed that he had purchased “Ski Mask Dog” for USD 30,000. Over the past year, Collins has invested heavily in a number of other coins, including Ether, Aerodrome, and The Graph. Collins defended his investments, criticized Washington and Wall Street for stigmatizing cryptocurrencies, and filed a disclosure pursuant to ethics rules.
66%. That's how much a single dog-themed meme coin soared today simply because US lawmakers approved the purchase of US$30,000 (A$46,000) worth.
Representative Michael Collins, a Republican from Georgia, invested between US$1,000 (A$1,554) and US$15,000 (A$23,314) in two transactions on December 1 and 2, 2024, in the meme coin “Ski”. The Treasury Department reported that it revealed the “Mask Dog” transaction. I will report.
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Source: CoinMarketCap
Since Collins' purchase, the token has appreciated more than 66% and is currently trading at US$0.26 (AU$0.39), giving it a market capitalization of US$240 million (AU$373 million), according to CoinMarketCap data. are.
Collins represents Georgia's 10th Congressional District and was re-elected against Lexi Doherty with 63.1% of the vote. This politician is not your typical old guy making fun of cryptocurrencies. He also has a deep interest in large currencies and popular layer 1 coins, so he actually spends his money freely.
Lawmaker makes multiple large-scale cryptocurrency purchases
In the past year, the MP purchased US$65,000 (AU$101.5,000) in Ether (ETH), US$115,000 (AU$178,000) in Aerodrome (ERO), and US$15,000 (AU$23.3,000) in The Graph . (GRT) and velodrome (VELO).
In a statement to Decrypt, Collins said he bought the coin because he liked it, which is a perfectly valid reason and I'm not going to question it.
I bought it because I liked the coin. For too long, Washington and Wall Street have vilified emerging technologies in the cryptocurrency ecosystem, and it’s about time they start treating this industry with the respect it deserves.
Michael Collins, Republican Congressman
When his purchase was flagged by blockchain tracker Unusual Whales, he responded with a photo of Pepe the Frog. Of course, this caused the price of PEPE to skyrocket.
He even went so far as to report his purchases, which is technically required under the Government Ethics Act, which requires members of Congress to submit periodic transaction reports (PTRs) for amounts exceeding $1,000. So it's not particularly strange. If not, the U.S. House Ethics Committee could fine him for the undisclosed purchases.
Members of Congress are now trading meme coins… (not even kidding)
US Congressman Michael Collins has just applied to purchase a cryptocurrency memecoin called “Ski Mask Dog.”
What stage of the cycle are we in? pic.twitter.com/BSHT2zaEL5
— Stocktwits (@Stocktwits) December 3, 2024
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