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

2min Read

Congressman Collins’ move underscores the potential of altcoins and increased political interest in cryptocurrency.

Why is VELO spiking?

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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.

Amidst the cryptocurrency bloodbath, where many major coins have experienced declines exceeding 5%, an unexpected development has caught traders’ attention.

Politician’s crypto stride

According to reports, United States Congressman Mike Collins has sparked a notable surge in the trading volume of Velodrome (VELO). This surprising boost comes as the nation gears up for the upcoming Presidential elections scheduled in November.

Remarking on the same, an X user under the name – ‘Nancy Pelosi Stock Trader’, took to X and noted, 

Nancy Pelosi

Source: Nancy Pelosi Stock Tracker/X

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

According to the congressional trading dashboard, Collins is known for his keen interest in digital assets and has previously disclosed a notable purchase of Ethereum [ETH] valued at $65,000 when he acquired it. 

VELO’s price action

The incident had a bullish impact on the VELO token, which saw a 15% hike and was trading at $0.112 at press time. This further underscores that this year’s presidential election is not just about Bitcoin but also about altcoins. 

In fact, a recent survey on voters in the 2024 US Election, conducted by Harris Poll on behalf of Grayscale, suggested,

“Compared to November 2023, voters are also more likely to see crypto as a good long-term investment opportunity (23% vs. 19%) and increasingly expect some of their investment portfolio to include crypto (47% vs. 40%).”

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?”

Interestingly, this highlights Velodrome’s uniqueness, drawing attention from a politician and making headlines.

Unlike established players such as Bitcoin [BTC] or Ethereum, Velodrome focuses on a specific niche like decentralized finance (DeFi) on layer-2 networks. 

Metrics confirm Velodrome’s success

This was further confirmed by AMBCrypto’s analysis of Santiment data on VELO’s social dominance and social volume suggests that Congressman Collins’ purchases were not the sole catalyst for VELO’s surge.

In fact, over the past week, both indicators have shown significant increases, with 12th June marking the highest spike in both social dominance and social volume. 

VELO- Santiment

Source: Santiment

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Ishika is a graduate of Political Science from the University of Delhi. From writing content as a hobby to now pursuing it as a professional career, she has been living and breathing content all her life. Her interests lie in making sure articles are very digestible to a common reader, despite all its technicalities and jargons.
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