US politician places surprising wager on this digital currency

Shortly after gaining attention from the cryptocurrency community for revealing his purchases of Ethereum (ETH) just before the United States Securities and Exchange Commission (SEC) approved spot Ethereum exchange-traded funds (ETFs), a US politician has made another intriguing crypto investment.

Michael Collins, the US Representative for Georgia’s 10th congressional district, recently disclosed his acquisition of Velodrome (VELO), a cryptocurrency with a market capitalization of under $100 million, as reported by investment research firm Quiver Quantitative on June 17.

In a groundbreaking move, Representative Mike Collins publicly announced his investment in Velodrome, a crypto asset with a market cap below $100 million, marking the first instance of a politician engaging in trading this particular token.

Specifically, on May 17, Collins purchased between $1,000 and $15,000 worth of Velodrome Finance tokens, an automated market maker (AMM) established as the central trading and liquidity hub on the Optimism Network (OP), with the aim of revolutionizing the Solidly Exchange model created by Andrew Cronje.

Notably, Mike Collins had previously revealed investments totaling up to $65,000 in Ethereum in January 2024. These purchases included acquisitions between $1,001 and $15,000 on January 3, and between $15,001 and $50,000 on January 8, coinciding with rumors surrounding the launch of spot Ethereum ETFs.

In addition to his January 2024 acquisitions, Collins had also bought Ethereum three times in 2023 – on October 9, November 5, and December 28 – amounting to $75,000, according to data shared by the markets analytics platform unusual_whales on January 10.

As of the latest data on June 18, the Velodrome Finance token was trading at $0.105, showing a 12.24% increase in the last 24 hours and a 1.44% rise over the previous seven days, although it had declined by 24.45% on its monthly chart.

Mike Collins’s recent purchase of Velodrome Finance signifies his confidence in the token’s future price performance and has contributed to its recent surge. However, it is essential to conduct thorough research before investing in the volatile cryptocurrency sector, as unexpected developments can occur.

Disclaimer: The content presented on this platform should not be construed as investment advice. Investing in cryptocurrencies involves risk, and capital is at stake.

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