According to the emerging data, US MP Mike Collins owns a large share in Velodrome. Meanwhile, due to changes in the altcoin price, Collins is currently at an unrealized loss. Meanwhile, more US politicians are starting to warm up to crypto.
After ETH, Michael Collins now bought VELO!
cryptokoin.comAs you follow from , the US Securities and Exchange Commission (SEC) recently gave the green light to spot Ethereum ETFs. Prior to this approval, a US politician attracted the attention of the cryptocurrency community by announcing his Ethereum (ETH) purchases. Now this politician, a US politician, has made another interesting altcoin bet. According to data shared by investment research firm Quiver Quantitative on June 17, U.S. Representative Michael Collins of Georgia’s 10th congressional district announced that he purchased Velodrome (VELO), a crypto asset with a market cap of under $100 million.
Specifically, on May 17, Collins purchased between $1,000 and $15,000 of the token from Velodrome Finance, an automated market maker (AMM). Andrew Cronje designed this altcoin project as the central trading and liquidity hub in the Optimism Network (OP), which aims to be the next evolution of the Solidly Exchange model.
US politicians rally around cryptocurrencies
As a reminder, Mike Collins disclosed that he invested up to $65,000 in Ethereum on two occasions in January 2024, when spot Ethereum ETF rumors first started, buying between $1,001 and $15,000 on January 3 and between $15,001 and $50,000 on January 8. . In addition to his purchases in January 2024, Collins purchased the crypto asset three times in 2023 – on October 9, November 5, and December 28 – for $75,000.
With just five months until the 2024 presidential elections, more politicians have embraced cryptocurrencies. Donald Trump now considers himself the “Crypto President” after acting against the asset class for too long. He has plans to support crypto companies once he is elected into office. Trump’s campaign team is open to accepting crypto donations. Similarly, President Joe Biden, who is also a candidate in the upcoming elections, has launched crypto access. The campaign team is now approaching crypto industry leaders and asking for guidance on proactive crypto policies going forward. Overall, there is a growing interest in digital currencies among US policymakers and politicians.
Altcoin price performance
Meanwhile, the Velodrome Finance token was changing hands at $0.1047, an increase of over 12% in the last 24 hours, according to the latest data. The token climbed up to $12.71 during the day. However, it later lost altitude. Meanwhile, the altcoin saw a 3.3% increase over the previous seven days. It recorded a 24.6% decline on its monthly chart.
All things considered, Mike Collins’ purchase demonstrates his strong belief in the future price performance of the Velodrome Finance token. Additionally, this move played a significant role in the token’s recent rally. However, things in the crypto sector can take surprising turns. That’s why it’s so important to do one’s own research when investing.
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