No One Saw This Coming: Cardano Token Midnight Explodes 284%

A relatively unknown project within the Cardano ecosystem (ADA) is suddenly causing a stir. The price of Midnight (NIGHT), a privacy token running on the Cardano network, has risen by hundreds of percent in a short time. The hype surrounding this new coin could also have major consequences for ADA.

Midnight price shoots up

The NIGHT token has risen by over thirty-five percent in the past 24 hours and is now trading at $0.091. This makes the price more than eleven cents higher than the low of $0.024. That means a price gain of 284 percent in a very short time.

It is striking that Midnight performs much better than other major crypto coins. While the Bitcoin (BTC) price rose by only half a percent and Ethereum (ETH) by 0.7 percent, Solana (SOL) even fell slightly. NIGHT currently tops the list as the best performing coin within the top 100.

What exactly is Midnight?

Midnight is a so-called sidechain from Cardano that is specially designed for confidential transactions. By running in parallel with the main network, the project combines privacy with the security of Cardano. Transactions are carried out without burdening the main network.

Midnight’s market capitalization is now over 1.5 billion dollars. This has made it a serious player, although it is still far below the $13.6 billion of parent coin Cardano.

The popularity is also reflected in the trading volume. Analyst Ssebi reported that Midnight’s volume rose to $4.2 billion. This means that it even leaves behind well-known projects such as Solana and BNB.

Midnight launched via airdrop on December 9. Users who registered between August and October during the so-called Glacier Airdrop period can claim their tokens for almost a year through the official Redemption Portal.

ADA price drops despite Midnight hype

Although Midnight rises sharply, Cardano himself lags behind. The ADA price fell by 1.6 percent to $0.37 in the past 24 hours. This is approaching the level of the end of 2022, just after the fall of FTX.

However, the hype surrounding Midnight could ultimately be positive for ADA. If Midnight attracts more users to the Cardano network, demand for ADA as a network fuel could increase. The real test will follow in early 2026, when Midnight’s mainnet goes live.