Backpack Exchange token rebounds 21% even as sellers lead

Backpack Exchange token rebounds 21% even as sellers lead its top pool

Backpack Exchange ($BP) traded at $1.22 at 11:40 a.m. ET on Oct. 9, up 21% in 24 hours after a dip below $1, though it sits about 26% under its record.

The quick take

Price: $BP at $1.22, +21% ↑ in 24 hours and -9.1% ↓ in seven days (CoinGecko, 11:40 a.m. ET).
Trigger: a climb from a 24-hour low of $0.96 to a high of $1.25, with no token announcement from the exchange.
Watch: the token still trades about 26% below its $1.65 record from Oct. 1.

The Backpack Exchange token rebounds 21% on Friday, Oct. 9, after a dip below $1 within the past day. Backpack Exchange ($BP) traded at $1.22 at 11:40 a.m. ET, according to CoinGecko.

What happened

$BP moved between $0.96 and $1.25 over the past 24 hours, CoinGecko data show. Jupiter put the price at $1.224, within 0.3% of CoinGecko, and also shows a 22% daily gain.

The token is still down 9.1% over seven days. Over 30 days it is up 111%, after a climb that peaked at $1.65 on Oct. 1.

Why it moved

Backpack Exchange has not posted an announcement about its token, so the cause of the rebound is not confirmed. The newest posts on the exchange’s blog, from Oct. 7, covered a tokenized Ferrari listing and a stock trading campaign.

The wider market moved far less. Solana ($SOL) rose 0.7% to $109.68, per CoinGecko. Bitcoin ($BTC) gained 2.2% and Ether ($ETH) added 1.6%, according to LiveCoinWatch.

Who’s buying and selling

CoinGecko lists $13.0 million in 24-hour $BP trading volume, about 4% of the token’s $306 million market value.

The largest Solana pool for the token is a BP/USDC pair on Meteora. It holds $6.6 million in liquidity and traded $5.5 million over 24 hours, DexScreener data show.

Both pool trackers counted more sells than buys, even as the price rose. DexScreener counted 2,294 buys and 3,323 sells, while GeckoTerminal counted 2,575 buys and 3,294 sells. Neither count shows the size of each trade.

What to watch next

One level to watch is the 24-hour high near $1.25. Another is the $1 mark, which the token dipped below during the past day.

A statement from Backpack Exchange would help explain the jump. Until then, the rebound rests on market data alone.

Bottom line: $BP gained 21% in a day and climbed back above $1.20, but it remains about 26% below its record and the cause of the move is not confirmed.

Price data: CoinGecko, cross-checked with Jupiter.