On-chain data indicates that the leading wallet for Cardano's Midnight token holds 7.39 billion NIGHT tokens, accounting for 31% of the total 24 billion supply. This comes as the token prepares for a redemption event on December 8. The Midnight team has conducted 25 transactions recently, reallocating tokens to new addresses in anticipation of the Glacier Drop and Scavenger Hunt claim events. A second significant wallet contains 4.5 billion tokens, or 19% of the supply, likely earmarked for airdrop participants. Midnight Foundation CEO Fahmi Syed confirmed that over 3.5 billion tokens were claimed during the initial Glacier Drop.