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What Happened: The “Kiss” frontman revealed on Twitter on Thursday that he had purchased $300,000 worth of ADA because he believes “it’s going up.”
Simmons gave reasons for his investment in ADA saying it was “affordable to almost everyone.”
“It’s pennies compared to my other holdings like Bitcoin, which is over $50,000 a single coin. I believe everyone should be able to afford cryptocurrency. And here is one I believe in.”
The songwriter put out a series of tweets on ADA and why he believes in it. The fact that Ethereum (ETH) co-founder Charles Hoskinson was involved in the launch of ADA impressed the musician.
ADA traded 3.17% lower at $0.90 at press time, while Bitcoin (BTC) was down 0.94% to $51,668.58. DOGE traded 6.75% higher at 0.056 at press-time.
Why It Matters: Simmons had joined Musk’s Dogecoin party on Twitter on Feb 7 when the meme-themed cryptocurrency reached an all-time high of $0.084.
Rap star Snoop Dogg also participated in sending out tweets that helped fuel the rise of DOGE.
ADA has risen nearly 396% since the year began but its rise can easily be eclipsed by DOGE which has shot up 1096% in the same period.
Simmons was not the only one who explained the rationale behind his cryptocurrency investments on Thursday. Musk also revealed why Tesla invested in BTC and not in DOGE on the same day.
Photo by Facundo Gaisler on Flickr
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