Kiss’ Gene Simmons Buys $300,000 Worth of Cardano

The Kiss bassist and frontman says he believes in Cardano because of its affordability compared with other cryptocurrencies.

Rock star Gene Simmons has voiced his support for cardano (ADA) on Twitter after tweeting that he has purchased $300,000 of the cryptocurrency.

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  • 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 (+1.83%) 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 bitcoinethereum (ETH, +1.21%)litecoin (LTC, +4.47%) and other virtual currencies and also has declared himself the “God of Dogecoin.”

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As the clock is running on the launch of Cardano’s Mary hard fork. The Hard Fork Combinator is set to finalise the required quality assurance and developer checks on 24 February. This will set the stage for the official network upgrade slated for 1 March, according to an update from Charles skinson, the project’s founder.

The Mary upgrade is crucial as it will open endless possibilities to developers looking to remodel or migrate to the blockchain. The upgrade will potentially bring about stiff competition between Cardano and Ethereum as it supports the creation of non-fungible tokens.

It also features an important change i.e. absence of execution fees. The Ethereum blockchain, at present, charges users interacting with tokens for smart contract gas fees. After the upgrade, Cardano will neither have any such fees on the network nor need smart contracts to create tokens.

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