Backpack Exchange token falls 9.0% and trades near its daily low
Backpack Exchange’s $BP token fell 9.0% in 24 hours to $0.990 as of 1:41 p.m. ET on Wednesday, just above its low for the day.
The quick take
- Price: $BP at $0.990, -9.0% ↓ in 24 hours and -9.2% ↓ over seven days (CoinGecko, 17:41 UTC).
- Trigger: Steady selling pulled the token from a 24-hour high of $1.09 to the bottom of its daily range.
- Watch: Whether $BP holds its daily low of $0.988, and whether buyers keep their small lead in its main pool.
What happened
The Backpack Exchange token falls 9.0% in 24 hours as of 1:41 p.m. ET on Wednesday. Backpack Exchange ($BP) trades at $0.990, according to CoinGecko. That is just above its daily low of $0.988.
The token’s 24-hour range runs from $1.09 down to that low. Over seven days, $BP is down 9.2%.
The drop extends a pullback from the record high of $1.65 set on Oct. 1, per CoinGecko. $BP now trades about 40% below that peak. Even so, it is still up 93% over 30 days.
Why it moved
No single trigger is confirmed. The wider market is also lower, but by far less. Solana ($SOL) is down 2.4% in 24 hours, per CoinGecko.
Bitcoin ($BTC) fell 1.6% and Ether ($ETH) fell 2.7% over the same stretch, per LiveCoinWatch. $BP’s loss is more than three times the size of those moves.
Assets held on Backpack Exchange also eased. DefiLlama tracks them at $547.8 million at 16:03 UTC, down 3.1% from $565.1 million at midnight UTC. Part of that dip reflects lower token prices, not only withdrawals.
Who’s buying and selling
Trading in the biggest pool does not show a rush to the exits. In the $BP/USDC pool on Meteora, DexScreener counts 1,394 buys and 1,300 sells over 24 hours. The pool holds $6.2 million in liquidity.
GeckoTerminal gives a second reading of the same pool: 1,485 buys and 1,300 sells. Across all markets, $BP traded $4.7 million in 24 hours, per CoinGecko. Its market value stands at $247.5 million.
What to watch next
The first test is the $0.988 daily low. Next is whether buy trades keep their slight edge in the main Meteora pool. Backpack Exchange’s asset total on DefiLlama is a third gauge, since it tracks how much users keep on the platform.
Bottom line: $BP is down 9.0% on the day and sits near its low, but trading in its main pool stays balanced.
Price data: CoinGecko.
Sources
- CoinGecko — Backpack (BP): price, 24-hour range, record high
- DexScreener — BP/USDC pool on Meteora
- GeckoTerminal — BP/USDC pool on Meteora
- DefiLlama — Backpack assets
- CoinGecko — Solana (SOL)
- LiveCoinWatch — Bitcoin and Ether
Not financial advice.
