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Congressman Buys Penny Crypto Velodrome Finance at $0.10: What to Know
On April 18, Wall Street revealed 24/7 that Alabama Senator Tommy Tuberville had purchased a penny stock called Humacyte (Nasdaq: HUMA), which later rose 153%.
Now, Congressman Michael Collins from Georgia has made a surprising investment in Velodrome Finance, a one-cent cryptocurrency priced at $0.10. Here’s what this means for investors.
Tuberville’s Successful Penny Stock Buying
In April, Alabama Senator Tommy Tuberville, a member of the Armed Services Committee, bought shares of Humacyte. The stock falls under the definition of a penny stock, valued at under $500 million and trading at less than $5 per share.
Alabama Senator Tommy Tuberville:
– He (Putin) does not need Ukraine. He doesn’t need Europe. He has a lot of land of his own. He just wants there to be no American weapons in Ukraine aimed at Moscow. pic.twitter.com/WuuthjnUCT
— S Printer Family (@SprinterFamily) June 10, 2024
This investment saw a remarkable gain of 153% by the end of May. This case highlights the potential benefit of monitoring congressional operations, as members of Congress are not bound by the same insider trading rules as ordinary citizens.
Tuberville’s involvement in defense-related committees and Humacyte’s development of bioengineered human tissue for the Ukraine front likely informed his investment decision.
Velodrome Finance: a new investment in Penny cryptocurrencies
The latest notable investment involves MP Michael Collins, who recently purchased Velodrome Finance, a cryptocurrency trading at $0.10 per token.
Velodrome Finance, with a market capitalization of $74 million, is a relatively small project, ranking 449th on CoinMarketCap. Collins’ purchase, disclosed on June 17, was less than $15,000, highlighting the speculative nature of this investment.
In particular, Collins invested up to $110,000 Ethereum, indicating his interest in the crypto space. These Ethereum purchases were made before the May 23 rule change that allows the exchange ETFs around Ethereum, which is expected to launch in July and potentially increase the price of Ethereum.
The impact of congressional operations on investment strategies
Congressional operations can provide valuable insights into potentially profitable investments. Members of Congress often have access to inside information about industries and upcoming legislation, which can influence their investment decisions.
In the case of Velodrome Finance, while remaining a highly speculative investment, Collins’ purchase could signal positive developments for the project. “This is a highly speculative crypto project seeking to create central trading markets, but I would put it on your radar as something to watch,” one financial analyst noted.
Monitoring congressional operations can be a strategic move for investors seeking new opportunities. As evidenced by Tuberville’s significant returns on Humacyte, and now Collins’ investment in Velodrome Finance, following the investment activities of informed and influential individuals can lead to promising insights.
“If you’re not paying attention to what members of Congress are buying, you’re missing out on potentially profitable trends,” one investment strategist commented.
In conclusion, Congressman Michael Collins’ investment in Velodrome Finance, a penny cryptocurrency, highlights the importance of monitoring Congressional operations for potential investment opportunities.
Although the ethical considerations of such activities are questionable, their potential profitability is undeniable. Investors should consider these insights when exploring new investment avenues, particularly in the volatile and rapidly evolving cryptocurrency market.