What is the reasonable range of $NIGHT ? The result given is 0.008–0.015—so all it can really说明 that the people who dared to buy back then were truly sharp-eyed and lucky.

The content is as follows:
On 2026/8/6, price: approximately 0.0185–0.0187
Circulating market cap: approximately 305–310M
FDV: approximately 440–450M

Give the analysis:
1. Programmatic privacy/ZK—actual adoption is extremely low
Secret, Oasis, Aleo, Phala mostly fall in the 10–50M market cap range. Even if we give Cardano backing + a compliance-based selective disclosure premium, a strict model would only place the maximum circulating market cap for similar projects at about 3–5x, i.e. roughly 50–150M.
Traditional privacy coins $XMR at the time 360, and $ZEC at the time 500—those were mature privacy coins.

2. Supply pressure and dilution
There are still about 7.4B (around 30%) not in circulation. Unlocking/vesting continues, and the gradual thawing from airdrops brings ongoing sell pressure.

3. Actual utility and cash flow are zero
On-chain activity, TVL, and real enterprise adoption are still limited. NIGHT relies entirely on the future DUST demand narrative.

Effective reasonable range: 130M–250M.
Corresponding price:
130M / 16.6B ≈ 0.008
250M / 16.6B ≈ 0.015

At what price was the lowest you could buy NIGHT? I bought most of mine at 0.04, which is pretty much the same as now.