Rep. Collins Makes Odd Crypto Move, Makes 50%
Collins has already earned approximately $38,000 in less than two weeks, as his AERO holding is now worth $88,00
July 17, 2024 12:00 PM
Reading time: 1 minute, 35 seconds
TL;DR US politicians generally stick to familiar cryptocurrencies like Bitcoin and Ethereum. However, Representative Mike Collins stands out with his recent investment in Aerodrome Finance (AERO). His decision has paid off significantly, with AERO's value skyrocketing by almost 50% in less than two weeks.
U.S. politicians usually buy stocks and cryptocurrencies they are accustomed to, such as Bitcoin (BTC) and Ethereum (ETH). However, Representative Mike Collins is an exception.
On July 11, Collins reported purchasing a cryptocurrency called Aerodrome Finance (AERO)** worth $50,000.
Impressive is that since his purchase on July 6, AERO has surged by almost 50% from $0.5219 to $0.9316 in less than two weeks. Collins has already earned approximately $38,000 in less than two weeks, as his AERO holding is now worth $88,000.
AERO's market cap is less than $500 million, outside the top 200 cryptocurrencies. However, since Collins' purchase, its market cap has doubled from $272 million to $492 million at the time of writing.
Previous Investments
Just two months ago, on May 17, Collins invested $15,000 in another cryptocurrency called Velodrome Finance (VELO)**. However, this trade didn't bring the Representative any profits, as he sold it at a loss just a month after purchasing it, on June 24.
Since his purchase, VELO depreciated from $0.138 to $0.10, meaning that the initial investment was worth approximately $10,870 at the time of sale.
Seemingly, the Representative has missed the timing of his sale, as VELO recovered in price while adding 55.53% to its value in the previous seven days and now trades at $0.1055.
Interestingly, this cryptocurrency shares the same development team as AERO based on VELO. This means their price performances could also be connected, albeit with a delay.
Ethereum Ventures
In addition to the two most recent acquisitions of small-cap cryptos, Collins reported several Ethereum purchases around New Year's for a total investment of $60,000.
Although the Representative has yet to disclose his sales, he is in profit on his ETH investment by 49%. Collins bought Ethereum at approximately $2,800, while its current price is $3,481. This investment is currently in profit, for a total profit of roughly $74,642.
Collins is one of the few politicians who has actively traded crypto in the past. His trading activity might be a prelude to U.S. politicians' further involvement in the cryptocurrency market.
