ADA has been among the poorest performers lately, posting a 28% price decline over the past month.
Cardano reached another major milestone, while its privacy-focused partner chain Midnight continues to evolve.
However, ADA remains heavily suppressed amid the overall market downfall, and the recent whale activity suggests a deeper pullback may be on the way.
The Symbolic Achievement
Earlier this month, several X users noted that Cardano’s epoch 666 had begun, drawing attention because of the number’s biblical symbolism. In the Book of Revelation, this is associated with the “number of the beast,” leading some community members to view the milestone as noteworthy and somewhat amusing in the project’s history.
However, in reality, this was just a standard procedure from a technical standpoint. Cardano organizes its operations into so-called epochs, which are five-day periods consisting of 432,000 one-second slots. They help structure the overall activity, including transaction processing, rewarding, and staking. Once an epoch ends, the blockchain seamlessly moves on to the next one.
Latest data shows that epoch 666 was successfully completed on November 10, and the network is currently progressing through epoch 667, which is expected to conclude on November 15.
Midnight’s Advancement
Cardano’s privacy-focused partner chain, designed to let users keep sensitive data private without sacrificing security or compliance, has also taken center stage lately.
X user ALLINCRYPTO revealed that the network has launched a major mainnet upgrade, bringing powerful new privacy features to the Cardano ecosystem.
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“The Ledger 9 upgrade enables private asset transfers and more advanced smart contracts, while the network has already surpassed 1.7 million transactions,” he said.
Midnight officially saw the light of day in March this year, with NIGHT serving as its utility token. The latter’s price has defied the latest market pullback, rising 11% over the last two weeks and currently trading around $0.045. Not long ago, Cardano’s founder Charles Hoskinson claimed that NIGHT can “absolutely” flip ADA.
“If Midnight grows, I think it’s going to grow Cardano considerably, because it’s going to bring a ton of new people into Cardano. I don’t see a reality where Midnight grows in spite of Cardano stagnating. I think there’s a rising tide effect,” he added.
ADA Price Outlook
Unlike NIGHT, Cardano’s native token has been negatively affected by the red wave sweeping through the broader cryptocurrency market. As of press time, it is worth roughly $0.176, down 28% over the past month.
Meanwhile, whales (wallets holding between 10 and 100 million ADA) have supposedly offloaded 50 million coins between November 4 and November 10.
Such a selling spree floods the market with extra supply, which naturally drags the price down if demand doesn’t rise to match it. Additionally, it signals that the big players have started losing confidence in the asset, potentially prompting retail investors to panic and cash out as well.
