Midnight’s NIGHT token would need to trade near $0.40 to reach Cardano’s current market capitalization, assuming NIGHT’s circulating supply remains unchanged.
CoinMarketCap currently values Cardano at approximately $6.62 billion, with ADA trading around $0.18. Midnight, meanwhile, carries a market cap near $660 million, with NIGHT changing hands around $0.0397.
That leaves Cardano valued at roughly 10 times Midnight’s current market capitalization.
Cardano Founder Says Midnight Could Surpass ADA
Cardano founder Charles Hoskinson has said Midnight could “absolutely” surpass Cardano, although he does not view a potential NIGHT flip of ADA as a negative outcome for the wider ecosystem.
Cardano Founder CONFIRMS that $NIGHT can “absolutely” flip $ADA
“If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano.”
“I don’t see a reality where Midnight grows in spite of Cardano stagnating. I think there’s a rising tides effect.” https://t.co/rH40VPadV7
— Altcoin Daily (@AltcoinDaily) November 8, 2026
Hoskinson argued that Midnight’s growth could directly benefit Cardano by attracting new users and activity. “If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano,” he said.
He also rejected the idea that Midnight would advance while Cardano stagnates, describing the relationship as a “rising tides effect.” Under that view, a larger Midnight valuation would not necessarily represent capital moving away from ADA, but could instead reflect broader expansion across the interconnected Cardano and Midnight ecosystems.
NIGHT Would Need to Reach About $0.399
Midnight currently has approximately 16.61 billion NIGHT in circulation.
Dividing Cardano’s $6.62 billion market capitalization by that circulating supply produces a NIGHT price of approximately:
$6.62 billion ÷ 16.61 billion NIGHT = $0.3988 per NIGHT
NIGHT would therefore need to trade around $0.40 to match Cardano’s present valuation. Moving above that level, with the same circulating supply and Cardano’s market cap unchanged, would put Midnight ahead of ADA by market capitalization.
From NIGHT’s current price near $0.0397, reaching $0.3988 would require an increase of approximately 904%, equivalent to roughly a 10x move.
This would still leave NIGHT well below the $1 level that has previously attracted speculation. The Crypto Basic recently examined what would be required for Midnight to reach $1, a price that would imply a market capitalization above $16 billion at the current circulating supply.
Midnight Has Been Closing the Gap From a Much Smaller Base
Midnight’s current valuation remains only around one-tenth of Cardano’s, but network activity has expanded considerably during 2026.
In October, Midnight surpassed 1 million mainnet transactions, with daily activity accelerating sharply following the opening of permissionless smart-contract deployment. The Crypto Basic previously reported Midnight’s surge in mainnet activity.
The network is also closely tied to the wider Cardano ecosystem. NIGHT launched as a Cardano Native Asset, while Midnight operates as a specialized partner chain focused on programmable privacy and zero-knowledge technology.
Cardano founder Charles Hoskinson has repeatedly argued that Midnight should be viewed as complementary to Cardano rather than a rival. He has also said he expects Midnight to experience substantial growth in 2027.
Circulating Supply Could Change the $0.40 Calculation
The $0.3988 figure depends on NIGHT’s circulating supply remaining around 16.61 billion tokens.
Midnight has a total and maximum supply of 24 billion NIGHT, and its distribution schedule includes a 450-day thawing process. As additional tokens enter circulation, the price required to support a particular market capitalization would fall.
For example, if all 24 billion NIGHT were circulating, a $6.62 billion valuation would correspond to approximately $0.276 per NIGHT, rather than $0.399.
That makes the circulating-supply assumption crucial when comparing NIGHT with ADA.
The comparison also remains a moving target because Cardano’s market capitalization can rise or fall. NIGHT reaching $0.40 would match Cardano only if ADA’s valuation remained around today’s $6.62 billion level.
For now, $0.40 represents the approximate NIGHT price required to equal Cardano’s current market capitalization—not a forecast that Midnight will reach or surpass ADA.