Cardano's native privacy token, NIGHT, has achieved a staggering milestone, recording a 24-hour trading volume that exceeds the combined volumes of XRP and Solana. This feat was highlighted by Cardano founder Charles Hoskinson in a celebratory post on X, where he expressed optimism for the project's future, stating, "You ready for 2026? LFG." The announcement followed community reports of the token's explosive market performance.
The data, corroborated by reports from Charles Stakepool, shows NIGHT's daily trading volume surged to an impressive $6.3 billion. The token's price rallied 42.79% in 24 hours, reaching a new all-time high near $0.096, with a market capitalization of $1.73 billion. Major exchanges like Bybit, LBank, and Ourbit facilitated the bulk of the trading activity.
NIGHT is the native token of the Midnight Network, a privacy-focused blockchain built on Cardano that utilizes zero-knowledge proofs. Its rapid adoption was fueled by the "Glacier Drop" distribution model, which allocated 50% of the total supply to ADA holders and distributed tokens across eight major blockchains including Bitcoin, Ethereum, XRP, and Solana. This airdrop attracted participation from over 170,000 wallet addresses, claiming more than 3.5 billion NIGHT tokens. The tokenomics include a 450-day thawing period with quarterly unlocks to mitigate sell pressure.
Analysts note that NIGHT's price momentum is supported by strong capital inflows, as indicated by a positive Chaikin Money Flow indicator, and its weak correlation with Bitcoin, allowing it to rally independently during broader market uncertainty. Hoskinson has positioned Midnight as a key differentiator for Cardano, emphasizing its built-in privacy features compared to chains like Ethereum and Solana. The mainnet launch is scheduled for 2026.
