US Rep. Mike Collins' memecoin bet worth up to $160K crashes 98%

U.S. Representative Mike Collins of Georgia invested in a memecoin in late 2024 that has since seen its value collapse by 98%, Forbes reported. The congressman first disclosed a purchase of Ski Mask Dog (SKI) worth between $1,001 and $15,000 in December 2024. He subsequently made 11 additional purchases and one sale in May 2025, with the total value of his SKI holdings estimated to be between $10,000 and $160,000. According to Forbes, the coin reached an all-time high of $0.27 just two days after Collins' initial reported purchase but has since crashed to around 0.5 cents. When previously asked about his reason for buying the memecoin, Collins said he "just liked it."