As a seasoned crypto investor with a keen eye for market trends, I find the recent purchase of Velodrome (VELO) by US Congressman Mike Collins to be an intriguing development. This announcement has caused quite a stir within the cryptocurrency community, leading to a significant surge in trading volume and increased investor interest.
The buying of cryptocurrencies by US Congressman Mike Collins more recently has led to a substantial increase in trading activity for Velodrome (VELO).
Politician Signals Support For Velodrome
Velodrome Finance functions as an Automated Market Maker (AMM) on the Optimism network. By supplying liquidity, providers receive VELO tokens as a reward. For those wanting to contribute to decision-making processes, they can securely lock their VELO tokens. Additionally, voters are remunerated through engagement in protocol trading.
New Development: Rep. Mike Collins has revealed that he recently bought some Velodrome cryptocurrency.
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.
— Quiver Quantitative (@QuiverQuant) June 17, 2024
Based on information from CoinMarketCap, Velodrome’s trading volume reached approximately $2.4 million following a significant 67% surge over the past 24 hours. This notable rise became apparent after Representative Collins disclosed his purchase of the cryptocurrency. He is now the first known politician to invest in this digital asset, which boasts a market capitalization under $100 million.
Collins bought VELO on May 15 when its price was approximately $0.13. His investment was valued between $1,001 and $15,000, indicating he possibly obtained around 100,000 units of the digital currency. Since then, the cryptocurrency has experienced price swings resulting in a general decline.
As a crypto investor, I’m observing that at the current moment, VELO has experienced a setback of 4.33% and is being traded at $0.09653 on the market. The heightened trading volume we’re witnessing suggests an escalation in investor engagement, which could potentially pave the way for a price rebound in the coming days. Furthermore, other favorable circumstances such as a robust crypto market uptrend may further bolster this recovery.
U.S Politicians Rally Round Cryptocurrencies
Significantly, Velodrome Finance isn’t Rep Collins’ initial investment in cryptocurrencies; he is recognized for his strong interest in digital assets. Previously, he disclosed a significant Ethereum (ETH) purchase valued at approximately $65,000 when it was acquired.
As a researcher studying the 2024 presidential elections, I’ve noticed an intriguing development: more candidates have started embracing cryptocurrencies in their campaigns. Previously known for his skepticism towards digital currencies, Donald Trump has recently expressed his intentions to champion crypto companies if elected as president. His campaign team is even open to accepting donations in the form of cryptocurrencies.
Just like President Joe Biden, who is running for re-election, has initiated efforts to engage with the crypto community. His campaign team is reaching out to influential figures in the crypto sector to gather insights and formulate forward-looking policies in this area.
There’s increasing curiosity and debate among American policymakers and politicians regarding digital currencies.
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2024-06-18 12:14