Congressman Buys Penny Crypto Velodrome Finance at $0.10: What to Know
On April 18th, 24/7 Wall Street revealed that Alabama Senator Tommy Tuberville had purchased a penny stock named Humacyte (Nasdaq: HUMA), which later surged by 153%.
Now, Congressman Michael Collins from Georgia has made a surprising investment in Velodrome Finance, a penny cryptocurrency priced at $0.10. Here’s what this means for investors.
Tuberville’s Successful Penny Stock Purchase
In April, Alabama Senator Tommy Tuberville, a member of the Armed Services Committee, purchased shares in Humacyte. The stock fits the definition of a penny stock, valued at under $500 million and trading for less than $5 per share.
Alabama Senator Tommy Tuberville:
– He (Putin) doesn’t need Ukraine. He doesn't need Europe. He has plenty of his own land. He just wants there to be no American weapons in Ukraine aimed at Moscow. pic.twitter.com/WuuthjnUCT
— S p r i n t e r F a m i l y (@SprinterFamily) June 10, 2024
This investment saw a remarkable 153% gain by the end of May. This case underscores the potential advantage of tracking congressional trades, as members of Congress are not bound by the same insider trading rules as regular citizens.
Tuberville’s involvement in defence-related committees and Humacyte’s development of bioengineered human tissue for Ukraine’s front lines likely informed his investment decision.
Velodrome Finance: A New Penny Crypto Investment
The latest noteworthy investment involves Congressman Michael Collins, who recently bought 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 17th, was under $15,000, highlighting the speculative nature of this investment.
Notably, Collins has also invested up to $110,000 in Ethereum, indicating his interest in the crypto space. These Ethereum purchases were made before a rule change on May 23rd that allows stock exchange ETFs surrounding Ethereum, which are expected to launch in July and potentially boost Ethereum’s price.
The Impact of Congressional Trades on Investment Strategies
Congressional trades can provide valuable insights into potentially lucrative investments. Members of Congress often have access to privileged information about industries and upcoming legislation, which can influence their investment decisions.
In the case of Velodrome Finance, while it remains a highly speculative investment, Collins’ purchase could signal positive developments for the project. “This is a highly speculative crypto project trying to create central trading marketplaces, but I would put it on your radar as something to watch,” a financial analyst noted.
Tracking congressional trades 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 watching what members of Congress are buying, you’re missing out on potentially profitable trends,” commented an investment strategist.
In conclusion, Congressman Michael Collins’ investment in Velodrome Finance, a penny cryptocurrency, highlights the importance of monitoring congressional trades for potential investment opportunities.
While the ethical considerations of such trades can be debated, their potential profitability is undeniable. Investors should consider these insights when exploring new investment avenues, particularly in the volatile and rapidly evolving cryptocurrency market.
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