The post ADA drops by 8.82% as whales purchase 10 million tokens appeared on BitcoinEthereumNews.com.

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. Source: Santiment 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. Source: Santiment Additionally, traders on Binance are showing strong bullish sentiment, as indicated by the positive Binance funding rate. When the funding rate turns positive, it implies that most investors are taking long positions, suggesting that traders expect ADA prices to rise. Source: Santiment The rising demand for long positions is further confirmed by the positive DyDx Exchange funding rate. When the DyDx funding rate turns positive, it indicates that investors across exchanges are willing to pay premium fees to hold their trades. Source:…

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Filed under: News - @ January 8, 2025 11:25 am