Kiss bassist Gene Simmons buys $300K worth of Cardano crypto because ‘it’s going up’

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Gene Simmons, the legendary bass player of the rock group Kiss, recently bought $300,000 worth of Cardano (ADA), the open-source digital currency and public blockchain project.

The rockstar has joined the crypto bandwagon, voicing his support for ADA on social media after tweeting on Thursday that he has made a six-figure investment in cryptocurrency.

“It’s going up,” he said, adding that the investment is “pennies” compared to his other holdings like Bitcoin, which is more than $50,000 per coin as of the latest figures.

The crypto recruit

Simmons is a recent recruit to Elon Musk’s so-called “Dogecoin Army.” And, the fact that Ethereum (ETH) co-founder Charles Hoskinson was among the big names who spearheaded the launch of ADA motivated the musician.

Simmons was especially impressed with Hoskinson’s efforts in helping develop emerging economies in Africa.

Hoskinson welcomed the rock icon to the Cardano community and even invited him to reach out via private message if he needed any support.

Cardano’s native token is currently priced at $0.92 and is the sixth-biggest digital asset in terms of market value at nearly $29 billion.

Simmons has previously disclosed that, in addition to Bitcoin, he also has holdings in litecoin and ethereum, and other cryptocurrencies.

He has also declared himself the “God of Dogecoin.”

DOGE is the native virtual currency of Dogecoin, which has made quite a noise in recent months.

Celebs hop in

Other celebrities have also expressed their fondness for cryptocurrency.

A few days ago, Hollywood actress Lindsay Lohan commented about TRON on Twitter, saying she’s been exploring the world of NFTs and DeFi.

Last week, rapper-entrepreneur Jay Z and Twitter big boss Jack Dorsey announced they are establishing a bitcoin development fund.

American rap star Snoop Dogg has also made his presence felt, sending out tweets that helped propel the rise of DOGE.

Whether Simmons’ tweet could jack up ADA’s price to over a dollar remains unclear for now.

Image courtesy of Exodus Wallet/YouTube Screenshot

Jet Encila

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Jet Encila

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