Rock Star Gene Simmons Moves Into ADA With $300,000 Investment

Cryptocurrencies have taken the world of finance by storm. Its continued popularity is seeing many enthusiasts coming into the crypto market. Aside from major financial institutions and tech companies owning large volumes of digital assets, celebrities are also keen on keeping some for themselves.

ADA Loving $300K Investment

Gene Klein, better known professionally as Gene Simmons of rock band group KISS, has announced close to half a million-dollars stake in Cardano’s utility token ADA.

The “KISS” lead guitarist said on Feb.19 that he had purchased $300,000 worth of ADA because he believes it will rise.

I just bought $300,000 of CARDANO (ADA). I’m not a Financial Analyst and I’m not telling U to buy or not to buy. Simply letting U know what I am doing and what I believe in. Why? Because I believe it’s going up..and it’s always up to you to research & decide. pic.twitter.com/UiIqowJ4pY

— Gene Simmons (@genesimmons) February 19, 2021

His latest move to add ADA to his portfolio saw many people commenting. One such apparent reply was that of the CEO of IOHK — the developers behind the Cardano Blockchain — Charles Hoskinson. The IOHK boss enthusiastically welcomed the bassist to the platform and said he would always help. 

Simmons was quick to point out the merits of his investment in ADA. The digital asset price is way more affordable to more established crypto brands like Bitcoin, making it accessible to anyone.

He also mentioned that Hoskinson’s previous association with the Ethereum project made the decision easier for him.

Simmons first dabbled into the crypto space during the 2017 BTC bull run, which saw more cryptocurrencies coming into the market. The subsequent fall of Bitcoin price after that saw the song-writer assuming a more reserved role.

But in the last month, Simmons has come out to declare his support for the crypto industry publicly. He recently made investments in meme-based cryptocurrency Dogecoin. This was after Tesla boss Elon Musk began featuring the Shiba Inu (the mascot for DOGE) in his tweets. Rapper Snopp Dogg also came on board, further fueling the rise of DOGE.

Aside from ADA, Simmons also has investments in other digital assets, including BTC, $300,000 worth of Ether (ETH) when it was still a lowly $300, and a further $300,000 in Binance Coin (BNB); coin offering from crypto exchange Binance.

On ADA having a future, the crypto asset has risen as much as 300% since the beginning of the year. With its parent company, Cardano, announcing major upcoming upgrades to its blockchain network, industry experts are showing more interest in its digital asset.

Cardano To The Moon?

Cardano (ADA), with a market cap of $28 billion, is a third-generation blockchain solution out to make blockchain technology better. Its unique selling point of eliminating high gas fees has many people dubbing it the “Ethereum Killer.”

At press time, ADA traded at $0.9368, falling 1.54% in the 24hr window. It currently sits 6th on the world cryptocurrency chart, with Polkadot’s DOT one place ahead.