US Representative Mike Collins defied the pattern of Congress members sticking to equities and major crypto. He's getting into crypto with a series of quick trades. However, Quiver Quantative exposed Collins' strange trading activities on X.
On July 26, the congressman acquired up to $50,000 worth of Aerodrome (AERO). He sold it a week later, then repurchased it the next day. Since his previous purchase, AERO has increased 38%.
However, this is not a one-off. Collins also traded Velodrome (VELO) in July, purchasing and selling throughout the month. AERO and VELO have the same development staff, implying that their prices will move in tandem. Such aggressive trading by a legislator is unusual and raises concerns. Some are concerned that insider information may influence these purchases.
Collins is not new to cryptocurrency. He put $60,000 into Ethereum earlier this year. However, his latest cryptocurrency trades indicate a move toward more speculative assets.
This trading frenzy demonstrates politicians' rising interest in cryptocurrency. It also emphasizes the necessity for clear guidelines for parliamentarians' engagement in chaotic markets.
