Looking back at the overall token $NIGHT which is terrifying.
@MidnightNetwork TGE (Token Generation Event / launch) will take place on December 8, 2025. In just over 3 months, the number of tokens circulating in the market (~69% of total supply). Again, it's the number 69 :)
The number of tokens allocated across exchanges, events can be summarized as follows:
- Glacier Drop/TGE (12/2025 - early 3/2026): There is no specific number for each exchange, only "a portion" from community allocation (from unclaimed/phase 1-2) allocated to Kraken, OKX, Bitpanda, NBX... to facilitate claim/distribution for exchange users. This helps increase circulating supply quickly (hundreds of thousands of wallets from exchange claims), but it is not a large VC-style allocation.
- Binance listing (11/3/2026): Confirmed 240M NIGHT distributed through HODLer Airdrop (for users holding BNB/Simple Earn/On-Chain Yields in February 2026). Additional reserve for future promotion/marketing (total ~480M NIGHT related, accounting for ~2% of total supply). This is the largest catalyst, driving volume spikes (Binance accounts for 70-80% of total volume after listing), helping to maintain price stability despite correction.
- Other exchanges: OKX, Bybit, KuCoin, Gate.io, HTX, MEXC, Kraken... list from 12/2025, mainly self-provided liquidity (market making), no large allocation disclosed. Total volume ~$140-170M/24h (high, vol/mcap ratio ~18-20%), but recently a strong correction (down 9-16% in the last 24h, market cap lost $80-150M).
However, although the circulating supply is accelerating dramatically, the overall project still maintains a price at FDV $1.2 billion, Cap ~$840M.
=> This is truly a significant success in price-making technology, although there is additional narrative about privacy-compliant technology.
Overall, the team can be evaluated as strong + fair tokenomics + good liquidity; However, with a circulating token of 69%, there is a high risk regarding price technology in the long term; There may be a pump followed by a dump - this is a possibility that could occur as the market in recent years has generally shared the same price technology.
In summary: The team is currently quite successful in the price-making technology, but with 69% circulating + remaining unlock, the long-term depends on the game narrative that can be drawn. In the short term, it is sideways/correction, high volume but strong volatility. Holding long poses a high risk of a "pump and dump".
