Midnight Token’s Wild Ride: From Moon to Meltdown in 7 Days! 🚀😱

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Ah, the notorious Midnight Network’s NIGHT token. What a spectacular show of how things can plummet from glorious heights! After its highly anticipated launch, this little gem of a token, which was supposed to change the world (or at least make you rich), has seen an 89% drop. Now it’s floundering around $0.050, with a 6% drop just in the last 24 hours. Oh, how the mighty have fallen!

Now, you must be wondering… What on earth is behind this sudden descent? 🧐

Airdrop Madness Takes Over

Ah, the classic story of airdrop recipients dumping their tokens faster than a chef drops a burning pan! Right after the launch, the “Glacier Drop” crew decided it was time to cash out big time. Many sold off their entire stash of tokens at once. This, of course, sent the price from a rather promising $0.11 to a sad $0.049. A classic move in the crypto circus! 🎪💸

Oversupply? More Like Overwhelming Supply! 😱

As if the airdrop wasn’t enough, the launch itself flooded the market with a whopping 16.6 billion tokens. That’s a lot of tokens, folks. And guess what? The market couldn’t possibly absorb that many. Not even with the broader crypto market up by 2%. Despite all the hype, the NIGHT token crashed nearly 80% from its peak. And what a sight it was.

To top it all off, the project unlocked 25% of airdropped tokens instantly, like an early Christmas gift nobody asked for. The rest will slowly be released over the next nine months. The token was active, with a 24-hour trading volume of $27.78M, but even that couldn’t withstand the flood of tokens. Talk about a market tsunami! 🌊💥

The Hype Dies Faster Than a Balloon in a Room Full of Nails

Launched on December 9 at a modest $0.064, NIGHT pumped 85% in a short burst. But, as we know in crypto land, what goes up must come down. So, down it went, crashing to a pitiful $0.035. Why? Because everyone took profits faster than a squirrel grabs acorns. And, of course, some DEX mispricing and the fading hype didn’t help either. Classic!

Critics quickly noticed the weak early sentiment and the sheer scale of the airdrop, making this launch even more unstable compared to other Cardano-based projects like Jolteon. Ouch. 🔥

The NIGHT and DUST dual-token model, along with a 360-day vesting plan for institutions, was supposed to prevent long-term dumping. But alas, it wasn’t enough to tame the beast of volatility during the launch. Oh well, better luck next time! 🍀

What’s Next for This Tumbling Token?

After plummeting nearly 90% in just seven days, with a current price of under $0.050 and a market cap of $826.7 million, analysts suggest this could be a “shake-out.” That means the weak hands are exiting, and the price may just find its footing. 👀

Support seems to be lurking around $0.048, and the oversold RSI suggests a tiny bounce might be in the cards. But if the selling continues, we could see NIGHT dip below $0.045 and maybe even test the $0.040 zone. Get your popcorn ready, folks. 🍿

But hold on tight! A breakout above $0.057 would be the first sign of strength. That could send the token toward $0.063, with some optimistic folks even dreaming of a recovery to $0.098. But let’s not get ahead of ourselves. That’ll only happen if buying momentum returns and the unlock pressure slows down. Fingers crossed! 🤞

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2025-12-11 10:08