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.