Georgia Rep. Mike Collins Faces Fallout After Investing in Collapsed Meme Coin

Controversy Surrounding Rep. Mike Collins' Crypto Investment

Rep. Mike Collins, a Georgia Republican and recent nominee for the Senate, is under scrutiny following his substantial investment in Ski Mask Dog, a meme coin that has dramatically tumbled in market value. Endorsed by former President Donald Trump, Collins reportedly invested up to $150,000 in this cryptocurrency, which peaked at the end of 2024 but subsequently lost nearly all of its value.

Investment Details and Impact

Collins first publicly disclosed his investments in Ski Mask Dog—ranging between $1,001 and $15,000—in December 2024. Over the following months, he completed a series of transactions totaling as much as $165,000, including 11 purchases before his sole sale in May 2025. By August 2025, he further added to his holdings with another transaction valued between $1,000 and $15,000.

Initially, Ski Mask Dog surged to an all-time high of just over $0.27 on December 5, 2024, shortly after Collins’ first entry into the market. However, the meme coin's value has since plummeted nearly 98%, trading at approximately half a cent as of now.

What is Ski Mask Dog?

Launched in May 2024, Ski Mask Dog is a meme-based cryptocurrency represented by a logo of a dog wearing a ski mask. It enjoyed a market capitalization peak of $277 million during its high but shrunk to a mere $5.6 million following the crash. The project describes itself as a movement promoting freedom of expression and a reaction against societal decline.

Political Ramifications and Investigations

As Collins prepares for a challenging election against Democratic Sen. Jon Ossoff in November, his cryptocurrency dealings come as an unwelcome distraction. The House Ethics Committee is currently investigating his office over allegations related to improper payments to an intern. Collins has dismissed these allegations as unfounded and labeled them as a “bogus claim.”

Collins, who represents Georgia's 10th Congressional District, asserted in an interview with Decrypt that he believes in the potential of cryptocurrencies, stating, "I liked the coins, so I bought them... It’s about time that we start treating this industry with the respect it deserves."

With his investment in the volatile cryptocurrency sector now a point of contention, Collins faces a critical moment as he seeks to win voter confidence amidst financial uncertainty and ethical inquiries.