The mainnet upgrade has just gone live, so why is $NIGHT still stuck at 4 cents?
The current price is $0.04275, down 1.25% over 24 hours, with a range of $0.04081–$0.04435—the upgrade was supposed to be good news, but the market hasn't given it any credit.
Project overview: Midnight is Cardano's privacy partner chain, using zero-knowledge proofs and the Compact language to enable programmable privacy. $NIGHT is its native token: it serves as a governance token, and holding it can also generate DUST—a non-transferable resource used specifically to pay transaction fees.
There are plenty of catalysts: On November 6, the mainnet's Ledger 9 upgrade went live, bringing private transfers and contract-to-contract calls, while adding ECDSA, Keccak-256, and secp256k1—effectively opening the door to interoperability with Bitcoin and Ethereum. Since permissionless contract deployment opened on the mainnet in early October, cumulative transactions have exceeded 1.3 million, with a daily peak of 49,229 on October 25. On October 28, Midnight also partnered with Sig Network to bring privacy features to Ethereum applications.
Market data: Binance perpetual futures saw around $11.73M in 24-hour trading volume, with 165 million tokens in open interest worth approximately $7.02M. Circulating market cap is around $710 million (about $696 million based on the November 2 figure, adjusted for the current price).
The risks are worth spelling out too: The final batches of the Glacier Drop airdrop are still being released throughout November, with distribution not ending until December 4, so selling pressure hasn't fully cleared. Decentralized block production and the handover to independent SPOs have been pushed back to Q1 2027; for now, consensus remains federated among institutions. The privacy sector is also inherently sensitive to regulation, and policy changes could disrupt the narrative at any time.
What to watch next: Whether the 24-hour low of $0.0408 holds, the final Glacier Drop release, and the launch of staking in Q1 2027.
The upgrades have all been delivered, yet the price hasn't budged. Do you think the good news has already been priced in, or has the market not caught on yet?
For informational purposes only; this is not investment advice.
The current price is $0.04275, down 1.25% over 24 hours, with a range of $0.04081–$0.04435—the upgrade was supposed to be good news, but the market hasn't given it any credit.
Project overview: Midnight is Cardano's privacy partner chain, using zero-knowledge proofs and the Compact language to enable programmable privacy. $NIGHT is its native token: it serves as a governance token, and holding it can also generate DUST—a non-transferable resource used specifically to pay transaction fees.
There are plenty of catalysts: On November 6, the mainnet's Ledger 9 upgrade went live, bringing private transfers and contract-to-contract calls, while adding ECDSA, Keccak-256, and secp256k1—effectively opening the door to interoperability with Bitcoin and Ethereum. Since permissionless contract deployment opened on the mainnet in early October, cumulative transactions have exceeded 1.3 million, with a daily peak of 49,229 on October 25. On October 28, Midnight also partnered with Sig Network to bring privacy features to Ethereum applications.
Market data: Binance perpetual futures saw around $11.73M in 24-hour trading volume, with 165 million tokens in open interest worth approximately $7.02M. Circulating market cap is around $710 million (about $696 million based on the November 2 figure, adjusted for the current price).
The risks are worth spelling out too: The final batches of the Glacier Drop airdrop are still being released throughout November, with distribution not ending until December 4, so selling pressure hasn't fully cleared. Decentralized block production and the handover to independent SPOs have been pushed back to Q1 2027; for now, consensus remains federated among institutions. The privacy sector is also inherently sensitive to regulation, and policy changes could disrupt the narrative at any time.
What to watch next: Whether the 24-hour low of $0.0408 holds, the final Glacier Drop release, and the launch of staking in Q1 2027.
The upgrades have all been delivered, yet the price hasn't budged. Do you think the good news has already been priced in, or has the market not caught on yet?
For informational purposes only; this is not investment advice.
