US Congressman Involved in High-Volume Altcoin Trading

While U.S. Congress members typically stick to stocks, a few have ventured into cryptocurrencies, with Bitcoin and Ethereum being the usual choices.

Recently, Representative Mike Collins has garnered attention for his active trading of lesser-known altcoins.

Data from Quiver Quantitative, revealed on August 26, shows Collins engaging in frequent trading with altcoins, including Aerodrome (AERO).

On July 26, 2024, he invested up to $50,000 in AERO. Within a week, he sold the asset but re-bought it the following day. AERO, which was trading at $0.68 with a slight decline, saw a notable increase of 38% since his last purchase.

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This rapid trading is unusual for a sitting Congressman. Collins has also been involved in similar activities with Velodrome (VELO). On July 11, he traded between $15,000 and $50,000 in VELO and AERO, and sold VELO later in the month.

Such trading practices can raise questions about possible insider knowledge, particularly since VELO and AERO are developed by the same team. This isn’t Collins’s first crypto investment; he previously put $60,000 into Ethereum in early 2024, with a modest loss of about 2% so far.

Alexander Stefanov