NIGHT jumps 24% as traders position ahead of upcoming airdrop, risks still loom
NIGHT staged a strong bullish rebound over the past 24 hours after spending nearly four weeks under sustained selling pressure.
The privacy-focused token surged 24%, placing it among the market’s top gainers for the day. Trading activity also spiked sharply, with total volume reaching $5.03 billion—an increase that signals firm bullish dominance during the rally.
Notably, NIGHT’s performance diverged from the broader privacy token sector. Data from Artemis shows that the weighted average performance of privacy assets declined by 0.5% over the same period, reflecting weak sentiment across the segment.
Midnight’s [NIGHT] outperformance appears to be driven by renewed ecosystem developments and, more critically, its upcoming token distribution. While these catalysts have injected fresh momentum into the market, questions remain around the sustainability of the move.
Momentum under pressure
Much of NIGHT’s recent upside can be traced to its airdrop announcement, which drew strong interest from investors globally, including high-capital participants based in the United States.
The airdrop is set to distribute approximately 4.5 billion NIGHT tokens to eligible users and officially began on December 10. Since the announcement, market participants across multiple regions have positioned for further upside.
Exchange data highlights the scale of the activity. Over the past 24 hours, Bybit recorded $3.33 billion in trading volume, while Binance accounted for $1.16 billion. Combined, the two platforms represented 67.19% and 23.5% of total market volume, respectively.
Meanwhile, the volume-to-market capitalization ratio has surged to 372%, underscoring the unusually intense trading activity fueling the recent price move.
Historically, price rallies accompanied by elevated volume often indicate strong short-term momentum. If current conditions persist, NIGHT could see further upside in the near term—though elevated volatility remains a key risk factor.