Midnight (NIGHT) Dumps 83%, Makes Investors Wish They Had Stayed in Bed 🛏️💸

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Key Highlights

  • Midnight (NIGHT) took a nosedive of 83% faster than Jeeves could forget a punchline, all within its inaugural month of fame.
  • Token liquidations by airdrop adventurers and a gluttonous initial supply left the market more saturated than a burnt toast. Spoiler: nobody’s showering praise.
  • Meanwhile, investors traded their midnight oil for good ol’ Bitcoin, with privacy coins getting the cold shoulder. It’s the crypto equivalent of a garden party, but everyone’s secretly hoping for a raincheck.

Apparently, Midnight (NIGHT), a blockchain with a penchant for privacy and backed by Cardano’s IOG – or as some call it, the “Wallflowers of Crypto” – decided to give investors a grand performance by plummeting a staggering 83% since its debut on December 9. From a handsome $0.45 down to a measly $0.07, it’s been quite the rollercoaster, or perhaps more like a rickety ride at the county fair – thrilling, but you’re not quite sure you’ll survive.

The cause of this little melodrama? Well, a cast of characters, really. Massive sell-offs from airdrop fans, and investors more interested in their Bitcoin stash than this privacy-party-crasher, led to a sell-off that would make a cashmere sweater suspiciously thin.

Market update, or why you should never buy at the peak 🧗‍♂️

Our star token, once strutting around at $0.45, did a disappearing act faster than a magician’s rabbit. Despite a 23.31% jump in daily volume – nearly $60 million, mind you – the price refused to settle. It’s like trying to keep a sandcastle intact during a tsunami.

Market cap? Sitting pretty at $1.26 billion, which sounds impressive until you realize it’s supported by a circulating supply of 16.6 billion tokens. Talk about a wide net – and not the charming sort.

The grand crash – why, oh why? 🕵️‍♂️

It boils down to a serious case of token overindulgence from Glacier Drop and Scavenger Mine fiestas, distributing billions to over 8 million eager beavers. When the exchanges opened their gates, all those retail investors, looking to make a splash, jumped ship faster than you can say “liquidity crisis,” causing the price to tumble with the grace of a drunken giraffe.

Everyone was dreaming of Midnight being the knight in shining armor for privacy solutions, but the sparkle wore off faster than cheap cocktail umbrellas. Meanwhile, Bitcoin basked in its glory, grabbing nearly 59% of the market dominance, leaving privacy coins like Zcash to the mercy of the crypto gods.

To add insult to injury, a phishing fiasco in early January 2026 – because what’s a crypto journey without a scam or two? – briefly spooked the faithful, who were just trying to stay awake through the chaos.

Looking ahead, or how to keep your slippers on 🧓

The project’s now in its Kūkolu phase, trying to act all serious with a federated mainnet. Rumors swirl of potential stablecoin alliances, but that’s about as certain as a British summer. Meanwhile, the $0.10 resistance level looms large, like a ghost at a garden party, and the upcoming token unlock in March 2026 promises to be a rollercoaster for the brave or foolish.

In essence, the 83% plunge is a reminder that in the wild world of crypto, even the most promising midnight can turn into a very dark hour, especially when everyone’s selling just to say “I told you so.”

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2026-01-06 23:27