NIGHT Token Surpasses Solana and XRP in Trading Volume – Pudgy Penguins in Consolidation

NIGHT Token Achieves Extraordinary Trading Volume

The token from privacy blockchain project Midnight has been causing a stir in the crypto market since its trading launch on December 9th. Based on 30-day trading volume, NIGHT currently stands at approximately $184 billion USD ^[1]. What's remarkable is that this volume was achieved not over a full month, but in less than three weeks of actual trading ^[1].

According to publicly available market data, Midnight ranks behind only Bitcoin, Ethereum, and the two stablecoins USDT and USDC ^[1]. A direct comparison illustrates the magnitude: Solana reaches a 30-day trading volume of approximately $96 billion USD during the same period, while XRP achieves around $79 billion USD ^[1]. Combined, both assets total approximately $175 billion USD, thus falling below Midnight's trading volume ^[1].

Bybit Dominates NIGHT Trading

The vast majority of NIGHT volume currently occurs on centralized exchanges ^[1]. A significant catalyst came from Bybit, which achieved a 24-hour spot trading volume of over $9.2 billion USD on December 22nd ^[1]. According to Bybit, more than 77 percent of total NIGHT trading volume within 24 hours occurred on the platform, equivalent to approximately $7.6 billion USD ^[1].

Despite these extraordinary figures, Midnight is not yet listed on Binance Spot or Coinbase ^[1]. This suggests that current market activity is driven less by broad retail inflow and more by experienced traders, more institutional market participants, and a strong concentration of liquidity on a few exchanges ^[1].

Hoskinson Sees Potential for Cardano DeFi

Cardano founder Charles Hoskinson publicly commented on the development and sees structural potential particularly for decentralized trading ^[1]. He noted that Cardano DEXs have primarily suffered from a lack of stablecoins and cross-chain bridges ^[1]. Once these building blocks are available, the DeFi ecosystem could gain significant momentum ^[1].

Technical Expansion at Midnight

Parallel to the high trading activity, the Midnight team is advancing technical development. CTO Sebastian Guilllemot confirmed that core cryptographic components for cross-ecosystem wallet support have already been integrated into the codebase ^[1]. This includes support for the hash functions Keccak and Blake2b, which are considered prerequisites for making wallets from different ecosystems like Ethereum or Cardano interoperable ^[1].

Pudgy Penguins in Neutral Consolidation

While NIGHT makes headlines, the PENGU token from the well-known NFT project Pudgy Penguins is showing a consolidation phase. Over the last 24 hours, the price moved between $0.008571 USD and $0.009298 USD ^[2]. The current closing price is $0.009025 USD, with a market capitalization of approximately $568 million USD ^[2].

The RSI (14) stands at 51.21, signaling neutral momentum ^[2]. The Bollinger Band width is approximately $0.000850 USD, indicating moderate fluctuations ^[2]. Key support levels lie at $0.008995 USD and $0.008571 USD, with immediate resistance at $0.009241 USD and $0.009298 USD ^[2].

Pudgy Penguins originally launched as a collection of 8,888 penguin avatars from the Ethereum ecosystem and has since evolved into an independent Web3 brand focused on merchandising, community building, and mainstream adoption, with the PENGU token serving as the central economic link ^[2].