US Politician Betted on This Altcoin: Price Jumped!

According to the information revealed, US MP Mike Collins has a large share in the Velodrome. Meanwhile, due to changes in the altcoin price, Collins is currently in unrealized losses. Meanwhile, more US politicians are starting to warm up to crypto.

Michael Collins now bought VELO after ETH!

cryptokoin.com As you follow from, the US Securities and Exchange Commission (SEC) recently gave the green light to spot Ethereum ETFs. Before this approval, a US politician attracted the attention of the cryptocurrency community by announcing his Ethereum (ETH) purchases. Now this politician, a US politician, made another interesting altcoin bet. According to data shared by investment research firm Quiver Quantitative on June 17, US Representative for Georgia’s 10th congressional district, Michael Collins, announced that he purchased Velodrome (VELO), a crypto asset with a market value below $ 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.

Mike Collins’ Velodrome purchase. Source: Quiver Quantitative

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 the spot Ethereum ETF rumors first started, buying it on January 3 at mid-$1,001 to $15,000 and on January 8 at mid-$15,001 to $50,000. . 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 – at a price of $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 so long. He has plans to support crypto companies once he is elected into office. Trump’s campaign team is open to accepting crypto donations. For example, President Joe Biden, who is also a candidate in the upcoming elections, 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, according to the latest data, the Velodrome Finance token was changing hands at $ 0.1047, an increase of over 12% in the last 24 hours. The token climbed up to $12.71 during the day. But then it lost altitude. Meanwhile, the altcoin has seen a 3.3% increase in the previous seven days. It recorded a 24.6% decline on its monthly chart.

VELO price 7-day chart. Source: CoinMarketCap

All things considered, Mike Collins’ purchase demonstrates his strong belief in the future price performance of the Velodrome Finance token. Additionally, this breakthrough played an important role in the token’s recent rally. However, things in the crypto segment can take surprising turns. That’s why it’s so valuable to do one’s own research when investing.