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US Politician Makes Most Suspicious Cryptocurrency Transaction Ever
American politicians usually buy actions And cryptocurrencies they are used to, like Bitcoin (Bitcoin) And Ethereum (ETH). However, Rep. Mike Collins is an exception, as on July 11, Collins reported a purchase of cryptocurrency called Aerodrome Finance (AERO) worth $50,000.
What’s impressive is that since its purchase on July 6, AERO has jumped nearly 50%, from $0.5219 to $0.9316 in less than two weeks.
7-day AERO price chart. Source: CoinMarketCap
Collins has already made about $38,000 in less than two weeks, as his stake in AERO is now worth $88,000.
It is worth noting that AERO’s market cap is less than $500 million, which puts it 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.
Collins’ previous cryptocurrency purchases weren’t that lucrative
Just two months ago, on May 17, Collins invested $15,000 in another cryptocurrency called Velodrome Finance (VELO). However, this transaction did not bring the representative any profit, as he sold it at a loss just one month after the purchase, on June 24.
Since its purchase, VELO has depreciated from $0.138 to $0.10, meaning the initial investment was worth approximately $10,870 at the time of sale.
Apparently, the rep missed the timing of his sale, as VELO recovered its price while adding 55.53% to its value over the previous seven days and is now trading at $0.1055.
Interestingly, this cryptocurrency shares the same development team as VELO-based AERO. This means that their price performances could also be related, albeit with some delay.
Collins is a fan of cryptocurrencies
In addition to the two most recent small-cap crypto acquisitions, Collins reported multiple Ethereum purchases around New Years for a total investment of $60,000.
Although the representative has not yet disclosed his sales, he is making a 49% profit on his ETH investment. Collins bought Ethereum at around $2,800, while its current price is $3,481.
This investment is currently profitable, for a total profit of approximately $74,642.
Collins is one of the few politicians who has actively traded cryptocurrencies in the past. His trading activity could be a prelude to greater involvement by American politicians in the cryptocurrency market.
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