Read this article on bsc.news Midnight Network's native token, $NIGHT, has been one of the stronger performers in a weak crypto market, rising about 22% over the past week. The token is also
Midnight Network's native token, $NIGHT, has been one of the stronger performers in a weak crypto market, rising about 22% over the past week. The token is also up nearly 4% in the last 24 hours, and its market capitalisation now stands above $800 million.
The gain comes as the wider @Cardano ecosystem faces questions over its direction. @MidnightNtwrk is a privacy-focused blockchain that operates as a partner chain to Cardano, and its token has moved independently of ADA.
Several recent developments have kept attention on the token. Recent reports highlighted Cardano founder Charles Hoskinson's view that Midnight could eventually surpass Cardano in market capitalization without necessarily hurting ADA. His argument is that a larger Midnight ecosystem could bring more users and activity into Cardano as well.
On the technical side, Midnight's mainnet has recorded 1,094,866 transactions since launch, driven by a recent network upgrade that enabled permissionless smart contract deployment. CoinMarketCap analysis also pointed to a Ledger 9 mainnet upgrade and 500% growth in Morpho Midnight RWA deposits to $2.145B as factors behind recent bullish sentiment.
Market data from mid-November shows the token trading in the high $0.04 range. According to CoinGecko data cited by KuCoin News, NIGHT was near $0.047, an uptick of more than 9% in 24 hours on November 12. Over the same period, ZEC fell 19% in a month , highlighting how differently the two privacy-focused tokens have traded.
Midnight is not a Cardano Layer 2. According to 24/7 Wall St., Midnight runs as its own blockchain, and its fees flow to NIGHT. The report adds that Midnight pays every fee in DUST, which only NIGHT generates. That structure is one reason the token's price can diverge from ADA.
The token has a long way to go to regain its launch highs. Its market cap peaked at $1.94 billion shortly after launch in December 2025, according to CryptoRank. Midnight has a total and maximum supply of 24 billion NIGHT tokens, with about 16.6 billion in circulation.
As with other recently launched assets, price moves in NIGHT can be sharp in both directions. Traders are likely to watch whether recent gains hold as mainnet activity and ecosystem announcements continue.
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