thecryptobasic.com
Midnight (NIGHT), the recently launched Cardano-native token, has had a stellar market debut, outperforming the likes of XRP and Solana.
While other cryptocurrencies struggled, Midnight’s native token, NIGHT, has surged further. It is up 24.2% in the past 24 hours to cross the $0.10 price threshold, the best-performing in the top 50 cryptocurrencies by market cap.
NIGHT Trading Volume Explodes
Since its December 9 debut, the Cardano-native token (CNT) has gone parabolic. CoinMarketCap data shows an over 54% increase in the past seven days, with Ethereum and XRP down 3.21% and 3.65% in the same timeframe.
Remarkably, its explosive price move is backed by growing trading volume. Data from CoinMarketCap shows the metric has climbed to $8.558 billion, ranking among the largest in the sector. Aside from Tether, Bitcoin, and Ethereum, no other cryptocurrency has a higher 24-hour trading volume than NIGHT.
Interestingly, the hefty volume surpasses the combined volume of XRP and Solana. For context, SOL and XRP have trading volumes of $2.9 billion and $2.36 billion, culminating in a combined $5.23 billion. NIGHT’s $8.558 billion means they have just 61% of the token’s trading volume.
The revelation drew a response from Cardano founder Charles Hoskinson, who highlighted the event’s bullishness for the ecosystem. He teased that next year would be massive for Cardano as a CNT has surpassed titans XRP and SOL in trading volume.
Boost for the Broader Cardano Ecosystem
The Midnight’s native token has also shown class compared to other CNTs. TapTools shows it has a DEX trading volume of $15.2 million, more than 24 times that of SNEK, which ranks second in the ecosystem by both trading volume and market cap.
Further, there have been 11,163 transactions involving NIGHT and 1,578 makers, surpassing all other CNTs despite being just 12 days old. It also has a market cap of $1.75 billion and a fully diluted valuation (FDV) of $2.5 billion, reportedly surpassing the combined market caps of all CNTs.
Nonetheless, its presence has significantly impacted the Cardano network. DexHunter highlighted this, stating that the ecosystem’s volume “is exploding.”
An accompanying chart shows a spike past 40 million ADA on December 11 when NIGHT launched on major exchanges. While it has since declined, Cardano’s trading volume has shown steady growth and is higher than prior figures before the NIGHT launch.
Hoskinson also reacted to this. He stated that things are just getting started, suggesting they could escalate further. According to him, Cardano is ready for 2026. He also shares that next year will be bullish for the industry, even if Cardano and Midnight have to make it happen.