Midnight $NIGHT Price Plunges 88% Amid Extreme Market Volatility

The Midnight (NIGHT) token is experiencing one of the sharpest downturns in the market today, dropping 88.47% in the last 24 hours to trade at $0.05189. This dramatic decline comes alongside an extraordinary spike in trading volume, which soared to $126.67 million, marking an unprecedented 141,758,385% increase. Such abnormal volume activity typically reflects intense selling pressure, possible whale exits, or cascading liquidations triggered by volatility.

Despite the steep drop, NIGHT still holds a sizable market cap of $861.88 million, with a fully diluted valuation (FDV) of $1.26 billion. The circulating supply stands at 16.6 billion NIGHT, out of the total and max supply of 24 billion tokens. The number of holders remains relatively low at 1.54K, which may contribute to higher price sensitivity and rapid swings driven by large transactions.

Analysts suggest the decline may stem from profit-taking after recent gains, internal ecosystem uncertainties, or broader risk-off sentiment across altcoins. Traders are monitoring liquidity pools and order book trends closely to determine whether NIGHT can stabilize or if further downside pressure is likely in the short term.

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