Midnight (NIGHT) has posted a sharp rally, as WallStreetBets founder Jaime Rogozinski highlighted privacy as an important component of crypto’s broader institutional adoption
In an X post, Rogozinski argued that privacy will play an important role as crypto scales, particularly if institutional investors begin moving substantial amounts of capital onchain
most people still don't get the privacy thesis
for crypto to scale, privacy needs to be part of it. especially if we want institutions moving serious money onchain
been calling this for a while. now we're seeing moves like this pic.twitter.com/759js3uhXA
— WallStreetBets (@wallstreetbets) September 30, 2026
According to him, institutions may require ways to conduct blockchain transactions without exposing sensitive financial activity on public ledgers
The commentary comes as NIGHT records strong gains. NIGHT, the native token of Cardano’s sidechain Midnight, climbed from an intraday low of $0.03117 to $0.04334, representing a 39% increase. At press time, NIGHT traded around $0.04060, up 29.10% over the past 24 hours and 71.36% over the previous week
Meanwhile, other major privacy-focused cryptocurrencies have posted more modest gains. Zcash and Monero, for example, gained roughly 2% to 5% over the same period, broadly tracking the wider crypto market
As a result, NIGHT’s stronger performance appears to be tied more closely to developments and renewed attention surrounding the Midnight ecosystem than to a broad rally across privacy tokens
Rogozinski’s argument focuses on the challenge institutions face when conducting large transactions on fully transparent blockchains
Although public ledgers provide verifiable transaction records, companies and financial institutions may not want their trading activity, balances, or transaction relationships to remain visible to anyone using a blockchain explorer
Furthermore, the Midnight Foundation has established partnerships with major organizations, including Google Cloud and Monument Bank, adding an institutional dimension to its privacy-focused strategy
The renewed attention surrounding NIGHT also follows comments from Cardano founder Charles Hoskinson, who recently forecasted Midnight could be bigger than Zcash
Meanwhile, Cardano community figure and Crypto Capital Venture founder Dan Gambardello argued that NIGHT is undervalued by $5 billion. He suggested that the market has yet to value the token alongside established privacy assets such as Zcash and Monero
According to CoinMarketCap data, NIGHT currently ranks as the seventh-largest privacy token, with a market cap of $674 million. For context, Zcash, by comparison, has a market cap of roughly $24.33 billion
