Gene Simmons, the self-proclaimed God of Dogecoin is now invested in Cardano (ADA). On 19 February, Simmons tweeted that he has acquired ADA worth $300,000. Simmons is no financial advisor and he did emphasize that in his tweet. In another tweet addressing his 936k Twitter followers, Simmons shared that he invested in ADA because he believes in the potential of the project.
According to his tweets, he believes in ADA because of two reasons. One that Cardano is founded by Ethereum co-founder and second that the project is trying to help developing economies like Africa.
Undoubtedly, the investment and support impressed Cardano founder Charles Hoskinson. In a tweet, Charles welcomed Simmons to Cardano and invited him to private message him if he needed any support. However, this is not Simmons’s first cryptocurrency investment. In July 2020, he invested over $600,000 in ETH and BNB. Along with that, he made some good investments in Bitcoin too.
ADA – Pennies with potential
According to Simmons, ADA is pennies when compared to his other holdings like Bitcoin. He emphasizes that cryptocurrency must be affordable for everyone. He adds that in Bitcoin’s recent bull run the coin has crossed $50,000 and is no longer affordable for an average investor. However, ADA is still affordable for everyone and the project holds strong potential. That is why he believes ADA is a good investment.
Crypto influencer @_Crypto_life seconds Simmons’s investment decision. According to Crypto_Life, Simmons’s investment will 10X soon.
Nicely done sir. That will likely be worth $3M soon.
I'm also holding #ADA
— Crypto_Life (@_Crypto_Life) February 19, 2021
Simmon – The Dogecoin God
During the 2017 bitcoin bull rally, Simmons had supported the king coin. However, he drifted away from the space during the crypto winter of 2018 and 2019. Recently, he came to the limelight again when he professed his support for Dogecoin immediately after Elon Musk’s Dogecoin support tweet.
CZ | Elon Musk Dogecoin war
Early this morning, Binance CEO Changpeng Zhao discussed Elon Musk’s interest in Dogecoin. In the interview with Bloomberg, CZ shared that he is surprised by Elon Musk’s excitement on Dogecoin. That’s because while Musk is tweeting about Dogecoin, his company Tesla is buying bitcoin instead of Dogecoin.
Elon Musk quickly responded to the comment and said that Tesla’s actions are not a direct reflection of his opinion. Moreover, he believes that in the current negative interest rate situation, holding bitcoin is more sensible than holding cash.
"I'm surprised that Elon's so gung-ho on Doge coin," says Changpeng Zhao, CEO of Binance, world’s largest #cryptocurrency exchange by volume, which launched futures for $DOGE. But he notes that @elonmusk's Tesla bet $1.5 billion on #Bitcoin, not Dogecoin https://t.co/POz36hPpC9 pic.twitter.com/oxjI9U0SQa
— Bloomberg (@business) February 19, 2021
ADA price has not reacted to Simmons’s prop up yet. At the time of press, ADA is trading close to $0.91 and is down almost 2% in the last 24 hours. If you are interested in crypto trading, do join Altcoin Buzz Signals Telegram Channel.
For more exciting updates about the crypto world do checkout the Altcoin Buzz YouTube channel.