The $NIGHT token of @MidnightNtwrk rose against a broad crypto selloff on Friday. According to CoinGecko data, $NIGHT gained 8.2% over 24 hours to trade at about $0.04, the strongest performance among the top 100 cryptocurrencies by market capitalisation. It was trading at its daily high at the time of writing.
$NIGHT has a market capitalisation of about $662 million and ranks 89th on CoinGecko. The total crypto market capitalisation slid to around $2.7 trillion over the same period, with $BTC and $ETH both lower on the d
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Midnight Network's NIGHT Token Rises 8.2% as Crypto Market Falls After Binance Hack
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The $NIGHT token of @MidnightNtwrk rose against a broad crypto selloff on Friday. According to CoinGecko data, $NIGHT gained 8.2% over 24 hours to trade at about $0.04, the strongest performance among the top 100 cryptocurrencies by market capitalisation. It was trading at its daily high at the time of writing.
$NIGHT has a market capitalisation of about $662 million and ranks 89th on CoinGecko. The total crypto market capitalisation slid to around $2.7 trillion over the same period, with $BTC and $ETH both lower on the day.
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Selloff Follows Record Binance Hack
The wider decline followed a security incident at Binance. NBC News reported that the exchange said it was the target of a $6.3 billion heist on Thursday, believed to be the largest ever recorded. Binance said it had frozen about $3 billion of the assets. In a video address on Friday, Decrypt reported that Binance CEO Richard Teng said the exchange had set aside more than $6.34 billion of company funds to cover losses, aims to restore withdrawals by Sunday and plans to publish a full Proof of Reserves report by Monday.
What $NIGHT Does on Midnight
Midnight is a privacy-focused blockchain. According to Midnight's own tokenomics blog, $NIGHT is the network's utility token with a supply of 24 billion tokens. The same post says holding $NIGHT generates DUST, the network's capacity resource used to power transactions and smart contract execution. Midnight's State of the Network update describes $NIGHT as granting governance rights and acting as the generator of DUST, a renewable resource that regenerates over time based on $NIGHT holdings.ay