Velodrome rises 15% after Congressman’s purchase – Here’s everything to know

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    Congressman Mike Collins’ purchase boosts Velodrome, merging politics with crypto market dynamics.
    VELO’s surge amid volatility highlights altcoin appeal and shifting investment perceptions.

As an experienced analyst, I find the recent development surrounding Congressman Mike Collins’ purchase of Velodrome (VELO) and its subsequent price surge to be a fascinating intersection of politics and crypto market dynamics.

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In the midst of the cryptocurrency market downturn, during which many prominent digital currencies have suffered losses surpassing 5%, an unexpected event has piqued the interest of traders.

Politician’s crypto stride

Reports indicate that US Congressman Mike Collins has caused a significant increase in Velodrome’s (VELO) trading activity. This unexpected surge occurs as the country prepares for the upcoming Presidential elections, scheduled for November.

As an analyst observing the same situation, I came across a user named ‘Nancy Pelosi Stock Trader’ on your platform who shared their thoughts. They expressed their perspective on the issue at hand in your community.

Well, this isn’t Rep. Collins’ first time in the crypto market.

As a researcher studying financial disclosures, I’ve come across the congressional trading dashboard which reveals Collins’s significant investment in digital assets. Specifically, he disclosed a substantial purchase of Ethereum [ETH], valued at approximately $65,000 when he acquired it.

VELO’s price action

As an analyst, I’ve observed that the recent incident significantly boosted the value of VELO token, leading to a 15% surge and a current trading price of $0.112. This event serves as a reminder that this year’s presidential election goes beyond just Bitcoin, extending its influence to altcoins as well.

Based on a Harris Poll survey commissioned by Grayscale for the 2024 US Election, my analysis reveals that:

In November 2023, a smaller percentage of voters viewed cryptocurrency as a promising long-term investment opportunity (19%) compared to the present day (23%). Additionally, fewer voters anticipated having crypto in their investment portfolios back then (40%) compared to now (47%).

However, not everyone seemed pleased with the news, as highlighted by an X user ‘legen’, who said,

“I personally never heard of this coin and its marketcap is less than $70mil.Anyone heard of it?”

As a crypto investor, I find it intriguing that Velodrome’s distinctive features have caught the eye of a political figure, generating buzz in the news.

As a researcher exploring the dynamic landscape of cryptocurrencies, I’d describe Velodrome differently from well-known players such as Bitcoin [BBT] or Ethereum [ETH]. Velodrome distinguishes itself by zeroing in on a particular niche – decentralized finance (DeFi) operating on layer-2 networks.

Metrics confirm Velodrome’s success

According to AMBCrypto’s examination of Santiment data, the social influence and activity surrounding VELO did not solely stem from Congressman Collins’ purchases, as indicated by its assessment of the social dominance and volume.

Over the past week, there have been notable upward trends in both social dominance and social volume. The peak for these indicators occurred on the 12th of June.

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2024-06-18 14:15