News Scrap

Key Takeaways

US Representative Michael Collins invested $1,000 to $15,000 in the meme coin ‘Ski Mask Dog.’
Collins’ broader crypto portfolio includes investments in Aerodrome and Ether.

Representative Michael Collins, a Georgia Republican, has disclosed trades in the meme coin “Ski Mask Dog,” according to financial reports filed with the House of Representatives.

CONGRESS MEMBERS ARE NOW TRADING MEME COINS… (I’m not even kidding)

Congress member Michael Collins just filed for his purchase of a crypto meme coin called “Ski Mask Dog”

Which part of the cycle are we in? pic.twitter.com/jVTtrBhWdF

— Stocktwits (@Stocktwits) December 3, 2024

As per Stocktwits’ post on X, the disclosure shows that Collins invested between $1,000 and $15,000 in the token through two separate transactions between December 1 and December 2, 2024.

Interestingly, the token has experienced a notable 10% rise since Collins’ purchase and is currently trading at $0.12 with a market cap of $12 million, according to DEX Screener data.

Collins’ interest in meme coins is not an isolated event. The congressman also disclosed similar-sized purchases of Aerodrome, another low-cap token, in the same filing.

This signals a departure from the more traditional crypto investments often associated with institutional or high-profile traders, who typically focus on mainstream digital assets like Bitcoin or Ether.

In the past year, Collins has demonstrated a broader interest in digital assets, purchasing over $65,000 worth of Ether, $115,000 worth of Aerodrome, and smaller investments in The Graph (GRT) and Velodrome (VELO), each valued at $15,000.

Collins, who represents Georgia’s 10th Congressional District, won re-election with 63.1% of the vote against Democratic challenger Lexy Doherty.