In a notable move that signals the growing adoption of digital assets, Mike Collins, a Republican and Representative for Georgia’s 10th Congressional District, has revealed his investment in Velodrome Finance (VELO). This move shows the embrace of crypto is going mainstream with politicians now navigating murky waters.
Congressman Collins’ Investment in Velodrome
As per the information shared via a post on X by Quiver Quantitative highlighting Collins’ purchase of Velodrome, the congressman has made a total of seven trades worth $81,000 in volume. Although Rep Collins last traded on May 17, his transaction for Velodrome was filed on June 14.
BREAKING: Representative Mike Collins just disclosed a purchase of a cryptocurrency called Velodrome.
The coin appears to have a market cap of less than $100M.
This is the first time we have ever seen a politician trade it. pic.twitter.com/lydptNO5Bq
— Quiver Quantitative (@QuiverQuant) June 17, 2024
While the exact worth of the purchased asset was not disclosed, it fell within the range of $1,001 to $15,000. Velodrome, according to CoinMarketCap data, has less than $100 million in market capitalization.
However, within the last 24 hours, the trading volume of Velodrome has surged 512.34% to $8,808,170. Although the market value of the asset was down earlier in the day, the recognition given to it by the Republican congressman has triggered a rebound in the price of VELO.
At the time of writing, it is up 17.8% to $0.1193.
Will Altcoins Witness an Influx?
Notably, the unveiling of a stake in Velodrome by Representative Collins, known for his entrepreneurship and business acumen, marks a milestone as it is the first time a politician has reported publicly trading this particular token.
Interestingly, the development is also a win for altcoins in general as it could spur individuals to begin investing in them. Prior to this event, the focus has been more on Bitcoin with the recent private individual leaning towards crypto being professional kickboxer, Andrew Tate.
Meanwhile, in what market watchers described as a gain for altcoins, the U.S. Republican Presidential aspirant Donald Trump’s campaign team announced it was accepting donations in Shiba Inu, Solana, and Dogecoin.
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