Crypto analyst Dan Gambardello contends that Midnight's NIGHT token is undervalued by roughly $5 billion as the market has not yet priced the project alongside established privacy assets such as Zcash and Monero. NIGHT currently trades near $0.027 with a $452 million market cap and 24 billion total supply.
Gambardello, founder of Crypto Capital Venture, based his assessment on the valuation gap between Midnight and larger privacy-focused networks. Zcash carries a market cap near $27.5 billion while Monero stands above $10 billion. By comparison, NIGHT remains substantially smaller at approximately $452 million.
Current Market Data
According to CoinMarketCap, NIGHT trades at approximately $0.02722 with roughly 16.61 billion tokens in circulation out of a maximum supply of 24 billion. The token's fully diluted valuation stands near $653 million, with approximately $28.8 million in 24-hour trading volume. NIGHT currently ranks around number 95 by market cap.
If NIGHT's market cap were to increase by $5 billion from its current level, it would reach approximately $5.45 billion. Based on Gambardello's valuation premise and unchanged circulating supply, this would correspond to a price around $0.33.
Midnight's Technical Design
Midnight describes NIGHT as its unshielded native and governance token. The network uses zero-knowledge smart contracts to provide programmable privacy functionality rather than limiting privacy to asset transfers. NIGHT holders generate DUST, a separate non-transferable resource used for transaction fees and smart-contract execution.
Midnight officially launched on Cardano in December 2025, beginning redemption of more than 4.5 billion tokens claimed during distribution programs.
Industry Reception
Gambardello's assessment follows a bullish evaluation from Weiss Crypto, which stated NIGHT has a strong chance of becoming one of the better-performing plays over the next 24 months. Cardano founder Charles Hoskinson has also argued that Midnight could eventually grow larger than Zcash.
