Analyst Ali's data shows that Cardano whales sold or redistributed approximately 1.02 billion ADA, worth about $265 million, in the past week.

Following the rejection of all seven spot Bitcoin ETF applications by the US SEC, the crypto market experienced a significant sell-off. However, Cardano (ADA) has shown improved on-chain activity, with weekly transaction volumes surging by 1,700% since late January.

Today, the crypto market is mostly bearish with Bitcoin and major altcoins trading in the red. The fear and greed index has corrected slightly but remains in the fear zone with a score of 35/100. Bitcoin's price is still below $30,000 at $25,997.91, while Cardano and Solana experienced gains.

On August 18th, Cardano blockchain founder Charles Hoskison announced that the CIP-1694 testnet, SanchoNet, has officially launched. SanchoNet aims to introduce the governance function of CIP-1694 to the Cardano community in a controlled testnet environment.

According to blockchain analytics platform Santiment, wealthy investors are accumulating large amounts of Cardano (ADA) despite a stagnant cryptocurrency market. The number of wallets holding 100,000 or more ADA tokens has risen to 25,294, a level not seen since April 2022.

Cardano Spot has announced the launch of new features to promote the expansion of local Cardano projects and their communities.

According to Messari, a crypto analytics firm, Cardano (ADA) had mixed results in Q2 of 2023. The blockchain saw a 49% increase in daily decentralized application (DApp) transactions, with an average of 57,881 per day. Additionally, Cardano's total value locked (TVL) increased by almost 10% to $151.7 million, ranking it 21st among all chains. However, the project experienced a decline in non-fungible token (NFT) activity, with a 35.7% decrease in average daily NFT transactions and a 41.9% decrease in total NFT quarterly trading volume compared to Q1.

According to Santiment, affluent crypto investors have been accumulating Cardano (ADA) in large amounts, with wallets holding between $10,000 to $100,000 worth of ADA accumulating the largest amount in almost a year.

Crypto traders are turning their attention to Cardano (ADA) which has seen a surge in accumulation by shark and whale addresses, holding the highest level of ADA coins in almost a year. On-chain data also shows an increase in activity on the Cardano network over the past six months, with blockchain analytics firm Messari reporting a surge in Cardano blockchain activity during Q2. The rise in activity can be attributed to the growth of decentralized apps, such as Minswap, and important upgrades to Cardano's performance for users. It remains to be seen if the ADA price can surpass $0.30 and continue to surge.

Messari's State of Cardano Q2 2023 report reveals that the Cardano network has seen an increase in average daily dApp transactions for the third consecutive quarter. The report also highlights the growth of Minswap, a Cardano automated market maker, which processed 1 million monthly transactions in May and June, an increase of 167.5% QoQ. Additionally, Cardano's DeFi TVL in U.S. dollars increased by 9.7% in Q2, and the network's average daily transaction increased by 1.9% QoQ. Despite a decrease in daily active addresses, Cardano's treasury balance increased by 8.5% to 1.30 billion ADA in Q2.

Cardano, a leading blockchain platform, has achieved a significant milestone with the completion of its Mithril mainnet beta launch. The released mainnet network is generating new certificates and snapshots consistently. The Mithril team is monitoring the network's performance and preparing to release a new distribution, which is expected to bring further enhancements and optimizations to the Mithril protocol. Mithril introduces a novel staking-based protocol that eliminates the need to download the entire blockchain history, significantly expediting the block verification process. As the network's nodes synchronize more swiftly, transactions become more secure, and governance becomes more democratic, Cardano's potential to shine in the world of cryptocurrencies is expected to become increasingly evident.

Charles Hoskinson, the creator of Cardano and former co-founder of Ethereum, has denied any involvement in the alleged conspiracy against XRP. The denial came after a follower presented him with emails reportedly sent by a prominent SEC functionary discussing Ethereum's classification as a security. Hoskinson clarified that the emails were from 2018 and beyond, long after he had left Ethereum in 2014 due to a difference in vision with co-founder Vitalik Buterin. Hoskinson emphasized that he had no involvement in the controversy surrounding the emails.

Charles Hoskinson, the creator of Cardano (ADA), has set a new goal of onboarding five million new users onto the ecosystem's Lace wallet. The CEO of Input Output Global (IOG) provided an update on Cardano's identity-focused project in Ethiopia, which aims to archive students' academic records. Hoskinson's long-term goal is to help onboard five million people onto Lace, Cardano's web3-enabled crypto wallet, which would cover the entire K through 12. However, progress is being slowed by bureaucracy, but IOG and the Ethiopian government are now working together.

The writer's opinion presented in the following information is not financial, investment, trading, or other types of advice. Cardano has a strong bullish sentiment in the lower timeframes, and the daily chart is also bullish. Cardano has clung to the $0.3 support over the past ten days, but it remains to be seen if the buyers can maintain their momentum.

Charles Hoskinson, the founder of Cardano, has explained that he does not have a public wallet address due to security concerns. He stated that unauthorized transactions could be sent from sanctioned nations or wallets, potentially leading to the blacklisting of his account. Hoskinson's explanation sparked a discussion among the community, with some questioning whether his viewpoint suggests a shift towards contingent transactions on Cardano. However, others defended Hoskinson's right to manage his interactions in the way he deems fit, given the open and permissionless nature of blockchain.

Cardano's development activity and number of contributors have significantly increased, as reported in the latest edition of the weekly report by Input Output Global (IOG). This growth is attributed to the blockchain's efforts towards scalability under the BASHO Era, including the launch of the Mithril protocol's mainnet beta and updates to the Hydra team's specifications. Despite positive metrics such as stable whale transaction counts and relatively high daily active addresses, ADA's price has not responded accordingly and was down by 0.8% in the last seven days, trading at $0.3101 with a market capitalization of over $10.8 billion.

The team behind Cardano's scaling protocol Hydra has updated the protocol's specification to align with recent off-chain protocol changes. The update also included the completion of the refactoring of the snapshot emission and an update to GHC 9.2.7, resulting in improved compiling times and slightly smaller Plutus scripts. Since its launch, several upgrades have been integrated into Hydra to ensure the smooth delivery of its capabilities and functionalities. Hydra is aimed at propelling Cardano to process up to thousands of transactions per second and the team plans to drive its adoption through several use cases, including payments, auctions, and voting. More upgrades are expected from the Cardano Hydra development core team in the coming days.

Cardano (ADA) experienced a significant increase in value after the recent Summary Judgment in the Ripple lawsuit against the SEC. The altcoin had previously been going through a long correction phase. If Cardano breaks through the resistance level of $0.334, it could reach $0.35, $0.382, and $0.42. Cardano has also seen several upgrades and launches, including the successful integration of ORCFAX oracle and the launch of Spectrum Labs and MuesliSwap's OptionFlow. Additionally, the adadomains app, which allows users to own a custom .ada blockchain domain as a native NFT on Cardano, went live on July 15, 2023.

According to CoinGecko, Dogecoin's market cap is now almost equal to Cardano's at around $10.4 billion, with Dogecoin showing a 2.9% increase in the past 24 hours. Meanwhile, Ethereum remains steady at approximately $1,844, while Binance Coin and XRP have seen slight drops.

Shiba Inu (SHIB), a meme-based cryptocurrency known for its volatility, has surprised the market with a steady and sustained growth of over 20% during a period of correction. This unexpected rally has defied the usual reputation of SHIB as a highly speculative asset.