Midnight Trading Surge Sparks New Demand for Cardano (ADA)

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Cardano DEXs Volume. Source: Cardanians

Cardano’s ADA has fallen roughly 70% in 2025, wiping out last year’s gains and testing the patience of long-term holders. However, late December data suggests a potential shift in momentum driven by growing interest in Midnight (NIGHT), a privacy-focused blockchain built by Input Output Global.

Trading activity for NIGHT on Cardano-based decentralized exchanges has surged, pushing weekly DEX volume to 125 million ADA. Order book data shows significantly more buy pressure than sell pressure, with 1.38 million ADA in buy orders versus 480,000 ADA in sell orders. This activity boosts demand for ADA, which is used for fees, liquidity, and swaps across the ecosystem — creating short-term tailwinds for the token.