XRP News Today: Cardano Midnight Airdrop Sparks 15% ADA Surge and Cross-Chain Momentum

Cardano's upcoming Midnight Airdrop has sparked significant attention within the cryptocurrency community, with founder Charles Hoskinson teasing the announcement through his social media channels. The event, set to unfold during the Rare Evo conference from August 6 to 10, 2025, is expected to deliver major updates on the airdrop and its broader implications for the Cardano ecosystem [2]. The airdrop will distribute NIGHT and DUST tokens across eight major blockchains, including Cardano, Bitcoin, Ethereum, and XRP, with eligible holders determined by a snapshot completed in early August [2].

Hoskinson emphasized the cross-chain significance of the initiative, noting that the inclusion of multiple blockchain assets reflects Cardano’s broader vision of interoperability and decentralized innovation [2]. According to the eligibility criteria, ADA holders will receive the largest share of the distribution, with nearly half of the total 24 billion NIGHT tokens allocated to them [2]. XRP holders, for instance, will receive 0.04173 NIGHT per XRP at the time of the snapshot, and over 2.2 million wallets have qualified for the airdrop [2]. Bitcoin and Ethereum holders are also set to benefit, with distribution rates set at 696.97 NIGHT per BTC and 50.73 NIGHT per ETH, respectively [2].

The airdrop has already begun to influence market dynamics, with ADA’s price experiencing a 15% spike amid growing anticipation [2]. Analysts speculate that the NIGHT token could achieve a $10 billion valuation and potentially rank among the top 20 cryptocurrencies by market capitalization, provided it gains sufficient adoption and demand [2]. However, this projection is based on current market sentiment and adoption expectations, and the actual outcome will depend on post-claiming engagement and the token’s utility development [2].

To maintain market stability, the airdrop is being distributed through non-staking wallets in a phased manner. This approach mirrors historical patterns seen in major token distributions and is designed to mitigate potential volatility [2]. The multi-chain model of the Midnight Airdrop is expected to redefine liquidity flows across various blockchains, potentially increasing participation and engagement in the Cardano ecosystem [2]. Hoskinson has also pointed to interest from Wall Street and broader Web3 integration as signs of the initiative’s growing influence [2].

Despite the positive developments, ADA experienced a 3% drop in early August, as broader market weakness and increased token distribution pressures weighed on the asset [5]. This fluctuation underscores the volatility often associated with large-scale airdrop events and highlights the importance of market sentiment and post-claiming dynamics in determining long-term outcomes [5]. The Midnight initiative is being positioned as a strategic step in Cardano’s cross-chain ambitions, aiming to strengthen its position in the evolving multi-chain landscape [2].

Source: [1]Cardano Midnight Airdrop for Select Holders Goes Live (https://coingape.com/cardano-midnight-airdrop-for-select-holders-goes-live/)

[2]Cardano Founder Teases Major Midnight Airdrop Update (https://coingape.com/cardano-founder-teases-major-midnight-airdrop-update/)

[5]Cardano Drops 3% as Market Sell-Off Persists, Midnight Airdrop Sparks Volatility (https://www.coindesk.com/markets/2025/08/05/cardano-drops-3-as-market-sell-off-persists-midnight-airdrop-sparks-volatility)