US Politician Makes Interesting Crypto Move: Buys Velodrome Token
Following his Ethereum investments before the SEC approved spot Ethereum ETFs, US Representative Michael Collins from Georgia’s 10th congressional district has made another intriguing crypto bet. This time, he revealed a purchase of Velodrome (VELO), a crypto asset with a market cap of under $100 million, as per data from investment research firm, Quiver Quantitative.
- Collins bought $1,000 – $15,000 of Velodrome Finance token on May 17.
- Velodrome Finance is an AMM on Optimism Network designed as a central trading hub.
- It aims to evolve the Solidly Exchange model by Andrew Cronje.
Collins’ Crypto Investments
In January 2024, Collins disclosed an investment up to $65,000 in Ethereum, making two purchases on January 3 and January 8, amid spot Ethereum ETF rumors. Additionally, he bought Ethereum three times in 2023, with sales totaling $75,000 on October 9, November 5, and December 28.
Velodrome Finance Price Analysis
Currently, the Velodrome Finance token is priced at $0.105, indicating a 12.24% increase in the last 24 hours and a 1.44% gain over the past seven days. However, it has declined by 24.45% on its monthly chart as of June 18.
- Price: $0.105
- 24-hour change: +12.24%
- 7-day change: +1.44%
- Monthly change: -24.45%
Investing in Crypto Assets
Collins’ purchase of Velodrome Finance token showcases his confidence in its future price performance and contributed to its recent rally. However, always conduct thorough research before investing in the volatile crypto market, as unexpected developments can occur.
Hot Take: Conclusion on Collins’ Crypto Investments
With a history of strategic investments in Ethereum and now Velodrome Finance, US Representative Michael Collins demonstrates a willingness to explore opportunities in the crypto space. While his purchases have influenced the market, remember to stay informed and cautious when navigating the ever-evolving world of cryptocurrencies.
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