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US politician makes shocking bet on this cryptocurrency

US politician makes shocking bet on this cryptocurrency

Not long after catching the attention of the cryptocurrency community with a reveal of his Ethereum (ETH) purchases ahead of the United States Securities and Exchange Commission (SEC) approving spot Ethereum exchange-traded funds (ETFs), a US politician has made another interesting crypto bet.

As it happens, Michael Collins, the US Representative for Georgia’s 10th congressional district, has just disclosed a purchase of Velodrome (VELO), a crypto asset with a market capitalization of less than $100 million, according to the data shared by investment research firm Quiver Quantitative on June 17.

Specifically, on May 17, Collins bought between $1,000 and $15,000 of the token of Velodrome Finance, an automated market maker (AMM) designed as the central trading and liquidity hub on Optimism Network (OP), aiming to become the next evolution of the Solidly Exchange model by Andrew Cronje.

Mike Collins’s Velodrome purchase. Source: Quiver Quantitative
Mike Collins’s Velodrome purchase. Source: Quiver Quantitative

As a reminder, Mike Collins disclosed in January 2024 an up to $65,000 investment in Ethereum on two occasions in which he purchased between $1,001 and $15,000 on January 3 and between $15,001 and $50,000 on January 8, at the time when the spot Ethereum ETF rumors first started.

In addition to his January 2024 purchases, Collins had also bought this crypto asset three times in 2023 – on October 9, November 5, and December 28 – in sales that amounted to $75,000, according to the data shared by the markets analytics platform unusual_whales on January 10.

Velodrome Finance price analysis

Meanwhile, the Velodrome Finance token was at press time changing hands at the price of $0.105, indicating an increase of 12.24% in the last 24 hours and an advance of 1.44% across the previous seven days while declining 24.45% on its monthly chart, according to the data retrieved on June 18.

Velodrome price 7-day chart. Source: CoinMarketCap
Velodrome price 7-day chart. Source: CoinMarketCap

All things considered, Mike Collins’s purchase indicates his strong belief in the Velodrome Finance token’s future price performance and has played a role in its recent rally. However, doing one’s own research is critical when investing, as things in the crypto sector can make surprising twists.

Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.

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