$NIGHT was accused that “half of the supply is held in the hands of two founding entities, and it’s not locked up,” and yet the price rose by 18% instead. I don’t think the market has digested the bad news—more like no one has worked out the numbers yet.
At 18:05 UTC on September 28, Justin Bons published a long post: Midnight Foundation holds 35%, Midnight TGE Ltd holds 15.25%, totaling 50.25%, with no protocol-layer lockup. These figures are already in the official tokenomics documentation; they’re not something he made up. 39 minutes later, Hoskinson replied: it’s not closed-source—founders don’t control the majority of supply because there is Glacier Drop.
Both sides have their grounds. The disagreement is whether these two entities should count as “founders’ holdings.” This argument isn’t settled, yet the price has already moved from 0.0278 to 0.0329.
What makes me uneasy is volume. During that spike from 11:00 to 15:00 UTC yesterday, trades were around 800,000 U per hour. But in the last eight completed 1h candles, the average volume is under 200,000, and the price has been ranging sideways between 0.032 and 0.033. The narrative is still hot, but the amount of money being pulled in is getting smaller.
Those who want in are watching 0.0312—that’s the lowest point during the pullback after the spike. If that breaks, it will most likely return to the 0.029 breakout/start-of-rise area.
What would make me admit I’m wrong: a 1h close above 0.0335, with volume back up to 500,000 U per hour or higher. That would show that real money is entering—not just loud talk.
#NIGHT #Midnight
At 18:05 UTC on September 28, Justin Bons published a long post: Midnight Foundation holds 35%, Midnight TGE Ltd holds 15.25%, totaling 50.25%, with no protocol-layer lockup. These figures are already in the official tokenomics documentation; they’re not something he made up. 39 minutes later, Hoskinson replied: it’s not closed-source—founders don’t control the majority of supply because there is Glacier Drop.
Both sides have their grounds. The disagreement is whether these two entities should count as “founders’ holdings.” This argument isn’t settled, yet the price has already moved from 0.0278 to 0.0329.
What makes me uneasy is volume. During that spike from 11:00 to 15:00 UTC yesterday, trades were around 800,000 U per hour. But in the last eight completed 1h candles, the average volume is under 200,000, and the price has been ranging sideways between 0.032 and 0.033. The narrative is still hot, but the amount of money being pulled in is getting smaller.
Those who want in are watching 0.0312—that’s the lowest point during the pullback after the spike. If that breaks, it will most likely return to the 0.029 breakout/start-of-rise area.
What would make me admit I’m wrong: a 1h close above 0.0335, with volume back up to 500,000 U per hour or higher. That would show that real money is entering—not just loud talk.
#NIGHT #Midnight
