• Cardano whales bought 10 million ADA tokens in 24 hours.
• ADA has declined by 8.82% over the past day.

After experiencing a strong uptrend over the past week, Cardano [ADA] has retraced. At the time of writing, the altcoin has dipped from $1.15 to a low of $0.98, over the past 24 hours.

This decline has created a buying opportunity, with large holders turning to buy the dip. Over the past 24 hours, Cardano whales have purchased 10 million ADA tokens, according to crypto analyst Ali Martinez.

Any impact on ADA?

While the Cardano whale buying spree is expected to positively impact the altcoin, it hasn’t yet been reflected in its price charts.

As of this writing, Cardano is trading at $0.9914, marking an 8.82% decline on daily charts. Before this dip, ADA had been on an upward trajectory, rising by 16.92% on weekly charts.

Despite the daily dip, ADA investors remain optimistic, and the markets have not turned bearish.

For starters, we can see this bullishness through the rising scarcity. This is evidenced by the fact that ADA’s Stock to Flow Ratio (SFR), has risen to 291.37.

When SFR spikes, it suggests that buyers are actively accumulating and keeping their tokens off exchanges. Historically, a decrease in supply tends to push prices higher.