An American politician makes a shocking bet on this cryptocurrency

Shortly after attracting the attention of the cryptocurrency community with the revelation of its purchases of Ethereum (ETH) before the United States Securities and Exchange Commission (SEC) approved exchange-traded funds (ETF) Ethereum spot, an American politician made another interesting one. crypto bet.

It turns out that Michael Collins, the U.S. Representative for Georgia’s 10th congressional district, just disclosed the purchase of Velodrome (VELO), a crypto asset with a market cap of less than $100 million, according to data shared by the investment research company. Quantitative quiver on June 17.

BREAKING: Rep. Mike Collins just disclosed the purchase of a cryptocurrency called Velodrome.

The coin appears to have a market cap of less than $100 million.

This is the first time we’ve seen a politician trade it. pic.twitter.com/lydptNO5Bq

– Quantitative Quiver (@QuiverQuant) June 17, 2024

Specifically, on May 17, Collins purchased between $1,000 and $15,000 worth of token from 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 Solidly. Exchange model by Andrew Cronje.

Purchase of the Vélodrome by Mike Collins. Source: Quiver Quantitative — *Purchase of the Vélodrome by Mike Collins. Source:* *Quantitative quiver*

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

In addition to his January 2024 purchases, Collins had also purchased this crypto asset three times in 2023 – on October 9, November 5, and December 28 – for a sales amount amounting to $75,000, according to data shared by the market analysis platform. unusual_whales on January 10.

Vélodrome Finance price analysis

Meanwhile, the Velodrome Finance token was changing hands at press time priced at $0.105, indicating a 12.24% increase over the past 24 hours and a 1.44% advance over the previous seven days while falling 24.45% on its monthly chart, according to data retrieved on June 18.

Velodrome price chart over 7 days. Source: CoinMarketCap — *Velodrome price chart over 7 days. Source:* *CoinMarketCap*

All things considered, Mike Collins’ purchase indicates his strong belief in the future price performance of the Velodrome Finance token and played a role in its recent rally. However, doing your own research is essential when investing because things in the crypto sector can take surprising twists and turns.

Disclaimer: The content of this site should not be considered investment advice. The investment is speculative. When you invest, your capital is at risk.