Recently, U.S. Representative Mike Collins made headlines by engaging in unique cryptocurrency trades, involving the buying and selling of crypto altcoins. One particularly lucrative trade resulted in over a 135% increase in unrealized profits for the Congressman.
In a disclosure made on July 11, Congressman Collins revealed the sale of three decentralized finance (DeFi) altcoins – The Graph (GRT), Velodrome (VELO), and Aerodrome (AERO), with sales ranging from $1,001 to $15,000 on June 23 and 24. Interestingly, the disclosure also included previous and future AERO purchases, indicating a high level of confidence in the asset.
On August 25, Collins continued this pattern by disclosing another AERO sale on August 4 followed by a repurchase on August 5, both falling within the $15,001 to $50,000 value range.
Notably, Collins has displayed skill in his AERO trading endeavors, consistently buying at lower prices and selling at higher prices. The current trading price of Aerodrome’s token stands at $1.18 after experiencing a significant surge.
Analysis of Collins’s trading activities shows that he has been able to secure potential unrealized profits of over 156%, particularly with the third Aerodrome purchase made on August 5 at a low price of $0.46. A conservative estimate suggests that the Congressman is currently profiting around 135% based on AERO’s exchange rate on August 5, with potential unrealized profits reaching up to $67,500.
Collins stands out as the first U.S. politician to disclose trading AERO, in a time where such altcoin trades remain uncommon among political figures. The growth of Base in transaction volume and user preference, driven by Coinbase’s strong brand, has been notable. However, concerns have been raised regarding inaccuracies in reported user metrics and a recent underreported major network outage lasting approximately 20 minutes.