Rock star Gene Simmons has voiced his support for cardano (ADA) on Twitter after tweeting that he has purchased $300,000 of the cryptocurrency.
- The Kiss bassist and frontman has stated that he believes in cardano thanks to its affordability compared with other cryptocurrencies, and has bought $300,000 worth of it.
- Cardano's native token ADA is currently priced at $0.92 and is the sixth-largest cryptocurrency by market capitalization at almost $29 billion.
- Cardano is a blockchain that aims to address the scaling problems of Bitcoin, while also creating a platform for smart contracts that is interoperable with the mainstream financial system. ADA has risen more than 400% year to date.
- Simmons later praised Cardano founder Charles Hoskinson's goal of helping develop emerging economies in Africa.
- The Kiss co-founder also stressed to his followers the importance of doing their own research before investing and pushed back at those who accused him of being compensated for his crypto endorsements.
- Simmons has previously revealed that he has holdings in bitcoin, ethereum, litecoin and other virtual currencies and also has declared himself the "God of Dogecoin."