Rep. Mike Collins' Highly Suspicious Meme Coin Trades

By press time on January 3, 2025, the most interesting and suspicious example came in the form of a series of meme coin purchases executed by Representative Mike Collins

Congressman Mike Collins (R-GA) has emerged as a surprisingly active cryptocurrency trader among his colleagues in 2024, with his recent meme coin purchases garnering attention.

According to Collins' financial disclosure forms, his meme coin trades began on December 1, 2024, with the purchase of up to $45,000 worth of Ski Mask Dog (SKI) tokens. The minor digital asset experienced a significant increase in value following the purchases.

The first SKI purchase was made at an approximate price of $0.092, the second on December 2 at about $0.11, and the most recent known buy was also near $0.11 on December 3. At press time, just one month later, Ski Mask Dog was changing hands at $0.2491.

Based on these figures, the Representative could have made up to $58,000 as his original investment — valued at up to $45,000 — could have appreciated to about $108,000.

However, the final SKI batch is particularly suspicious as, unlike the first two trades that were filed by December 2, it remained undisclosed until New Year's Day, raising questions about the delay and the possibility of additional unreported trades.

The trades also highlight the potential for Congressional trading to influence asset prices, intentionally or otherwise.

As many Congresspeople are followed by retail investors, large numbers of people may attempt to copy their trades, potentially impacting the market.

For example, a meme coin called KEKIUS MAXIMUS (KEKIUS) exploded in value around the New Year after Elon Musk changed his name and profile picture on social media to Kekius Maximus, enabling at least one trader to turn a $66 investment into more than $3 million in profit.