In a surprising move for a politician, U.S. Representative Mike Collins recently engaged in unconventional cryptocurrency trading by actively buying and selling crypto altcoins. One of his trades has yielded the Congressman over 135% in unrealized profits so far.
On July 11, Congressman Collins publicly disclosed the sale of three decentralized finance (DeFi) altcoins on June 23 and 24, namely The Graph (GRT), Velodrome (VELO), and Aerodrome (AERO). The sales amounts ranged from $1,001 to $15,000. The filings also showed that Collins had made previous and future AERO purchases, ranging between $1,001 and $15,000 before the sale and $15,001 and $50,000 after it, indicating a strong conviction in the investment. Aerodrome serves as the primary liquidity hub and decentralized marketplace for Coinbase’s Ethereum second-layer Base.
Later, on August 25, Collins repeated this pattern by disclosing an AERO sale on August 4 and repurchasing it on August 5, with both trades falling within the $15,001 to $50,000 range.
Congressman Collins has demonstrated skillful trading in AERO, consistently buying at lower prices and selling at higher prices. As of the latest data, the token is trading at $1.18 after a significant increase in value.
In his trading activities, Collins potentially purchased AERO at $0.69 during the opening prices on June 22 and sold it at $0.77 at the closing prices on June 23. Subsequently, the second trade seemed to be at a breakeven point with prices hovering around the initial purchase levels. The third purchase on August 5, at a low of $0.46, could potentially yield Collins unrealized profits of over 156%.
From a more conservative perspective, Collins is estimated to be profiting around 135% based on the open and close exchange rates of AERO on August 5, which could translate to unrealized profits of up to $67,500.
The article notes that Collins was the first U.S. politician to disclose trading AERO, indicating a rare occurrence among politicians’ financial disclosures in the midst of a potentially upcoming altseason for altcoins. Despite Base’s growth in transaction volume and user preference due to Coinbase’s strong brand, there have been concerns raised, including a major network outage that went mostly unreported for approximately 20 minutes, underscoring the need for caution in assessing cryptocurrency metrics.