The recent fall of NIGHT has indeed caught many people off guard. Looking closely at the underlying logic, there are actually two forces at play.

One is the impact of profit-taking. As the new rising star among privacy coins in the Cardano ecosystem, NIGHT was sold out immediately upon launch. Those who received airdrops and early investors began to cash out upon seeing the price increase, leading to an overwhelming surge in sell orders. This is particularly common in the early stages of new coin issuance—no matter how high the hype, it cannot stop the desire to realize profits.

Another aspect is the shift in the overall market mentality. Recently, the crypto market has been generally cautious, and the privacy coin sector has also cooled down at this stage, with no new funds continuously entering the market to buy the dip, so NIGHT naturally lost its support. The fundamentals are fine, but once the sentiment reverses, it's only a matter of minutes before the price falls back.

The targets of current focus are still those: PLAY, PIPPIN, DU, BEAT, CYS, SOL, ETH, etc., and their performance in different cycles is worth continuous tracking.