Rumors suggesting that the distribution of NIGHT tokens is stalling, benefiting insiders, have drawn attention to Charles Hoskinson's response.
Hoskinson's Response to Allegations
In response to discussions on social media regarding a possible stalling in NIGHT token distribution, Charles Hoskinson was quick to act. He labeled these claims as 'misinformation' and provided data showing active community participation. According to the Glacier Drop program, over 69,000 wallets have already claimed more than 1.3 billion NIGHT tokens. This represents about 5.5% of the total supply, demonstrating a much higher engagement level than the rumors suggest.
Airdrop Progress and Institutional Support
The airdrop, launched in early August, gained significant attention: over 250 million NIGHT tokens were claimed within the first 24 hours. Although activity has slowed, Hoskinson noted that the 60-day window for claims was designed to be inclusive, and many participants may wait until the final days to stake their claims. Meanwhile, Midnight has taken steps to build credibility among institutions by partnering with Fireblocks, a leading digital asset security firm, to provide secure custody solutions for NIGHT tokens.
Market Implications for ADA Token
Analysts believe that the success or failure of the airdrop could have direct implications for Cardano's ADA token. A strong finish to the airdrop campaign could boost ADA’s reputation as a growing ecosystem, while sluggish adoption might reinforce existing skepticism. Currently, ADA is trading around $0.48, and analysts are discussing three possible scenarios: * **Bullish Case:** Successful airdrop and expanded institutional involvement could push ADA towards $0.75–$0.85. * **Base Case:** If adoption continues at a steady pace without a surge, ADA may hover in the $0.50–$0.60 range. * **Bearish Case:** If the airdrop underperforms and fails to inspire confidence, ADA could slip back towards $0.40–$0.42 support levels.
Hoskinson emphasizes that transparency is central to Midnight’s launch, pointing to participation data and growing partnerships as evidence that adoption is progressing. The coming weeks will be crucial: as the airdrop deadline approaches, the level of engagement could shape not only Midnight’s trajectory but also Cardano’s broader market narrative heading into the final quarter of 2025.
