Cardano (ADA) Faces a 6.5% Price Drop Amidst Midnight Mint Event

Midnight Project Milestone

The Midnight project, a highly anticipated privacy-focused sidechain on the Cardano network, has achieved a significant milestone. According to CoinMarketCap, the project successfully minted its entire supply of 24 billion NIGHT tokens. Despite this progress, the Cardano (ADA) price faced a notable decline.

Cardano Price Movement

On October 22, 2025, Cardano experienced a 6.5% drop in its price, falling from weekly highs of $0.6718 to $0.6304. This decline occurred even amid the excitement surrounding the Midnight project's minting event. The broader bearish market conditions contributed to the increased volatility, overshadowing the positive developments within the Cardano ecosystem.

Project Phases and Market Impact

The Midnight project has now transitioned into the Scavenger Mine phase, paving the way for the upcoming Redemption phase. These stages are crucial in the project's roadmap, yet they have not shielded Cardano from market pressures. The recent price drop highlights the challenges faced by cryptocurrencies, even when supported by significant technological advancements and community interest.

For more information, visit the CoinMarketCap.