Dan Gambardello Says Cardano’s Midnight Could Be Worth Billions More

Dan Gambardello says Midnight (NIGHT) is undervalued by roughly $5 billion as the Midnight token trades near $0.027 with a $452 million market cap and 24 billion total supply.

Crypto analyst Dan Gambardello says Midnight’s NIGHT token is currently undervalued by roughly $5 billion, arguing that the market has yet to price the project alongside established privacy assets such as Zcash and Monero.

Gambardello is the founder of Crypto Capital Venture, a crypto research platform that says it reaches more than 400,000 YouTube subscribers and 300,000 followers on X, with eight years of market analysis.

His comments followed a bullish assessment from Weiss Crypto, which said NIGHT has a strong chance of becoming one of the better-performing plays over the next 24 months.

The view has also received support from Cardano founder Charles Hoskinson, who recently argued that Midnight could eventually grow larger than Zcash.

Gambardello Says NIGHT Is Mispriced Against Privacy Assets

Gambardello’s argument centers on the size of the existing privacy market.

He pointed to Zcash, which recently carried a market cap of roughly $27 billion, while Monero stood near $10.5 billion. Recent market data confirms those comparisons, with Zcash around $27.5 billion and Monero above $10 billion.

By comparison, NIGHT’s market cap remains around $400 million to $455 million, with CoinGecko recently placing it near $415 million and an FDV of roughly $600 million. About 17 billion NIGHT are currently circulating from a maximum supply of 24 billion.

Gambardello said Midnight does not need to become Bitcoin to justify a larger valuation. Instead, he believes the market could eventually treat it as a programmable privacy platform alongside established privacy-focused assets.

NIGHT Trades at $0.027 With $452M Market Cap

NIGHT currently trades at approximately $0.02722, according to CoinMarketCap, with a market cap of about $452.05 million.

The token has roughly 16.61 billion NIGHT in circulation and a total and maximum supply of 24 billion NIGHT. Its fully diluted valuation stands near $653.28 million.

These figures put Gambardello’s $5 billion undervaluation claim into perspective. NIGHT’s current market cap remains below $500 million, substantially smaller than the multi-billion-dollar valuations he cited for established privacy assets such as Zcash and Monero.

If NIGHT’s market cap were to increase by exactly $5 billion from the current $452 million level, it would reach roughly $5.45 billion.

Assuming the circulating supply remained unchanged, that would mathematically correspond to a NIGHT price of about $0.33, compared with its current price near $0.027.

This is a calculation based on Gambardello’s valuation claim, not a confirmed price target.

CoinMarketCap also reports about $28.8 million in 24-hour trading volume, while NIGHT currently ranks around No. 95 by market cap.

Midnight Takes a Different Approach to Privacy

Midnight describes NIGHT as its unshielded native and governance token. The network uses zero-knowledge smart contracts to provide programmable privacy rather than limiting privacy functionality to asset transfers.

NIGHT holders generate DUST, a separate non-transferable resource used for transaction fees and smart-contract execution. This separates the network’s governance asset from the resource consumed during transactions.

NIGHT officially launched on Cardano in December 2025, beginning the redemption process for more than 4.5 billion tokens claimed during its distribution programs.

Gambardello Has Long Backed Cardano and Midnight

The latest NIGHT comments follow Gambardello’s long-running coverage of Cardano.

In February, he argued that Cardano and Midnight were setting up for a new crypto cycle, maintaining a bullish longer-term view despite weak sentiment around ADA at the time.

However, his Cardano commentary has not been uniformly positive. In June, after ADA had fallen more than 80% from its 2024 levels, Gambardello said the decline reflected the wider altcoin downturn rather than a failure of Cardano’s technology.

At the same time, he raised concerns about ecosystem support, leadership, public perception, and Cardano’s relative isolation from the broader market.

For NIGHT, his latest argument is based primarily on the valuation gap between Midnight and larger privacy assets.

With NIGHT currently valued below $500 million while Zcash and Monero sit in the multi-billion-dollar range, Gambardello sees room for a substantial repricing if Midnight gains recognition as a programmable privacy network.