Backpack Exchange token gains 12% and trades near its daily high
Backpack Exchange’s token rose 12% in the 24 hours to 7:41 a.m. ET on Nov. 5 and trades at $1.03, close to its daily high.
The Backpack Exchange token gains 12% in 24 hours. Backpack Exchange ($BP) trades at $1.03 as of 7:41 a.m. ET on Thursday, Nov. 5, according to CoinGecko. The price sits close to the top of its daily range.
The quick take
- Price: $1.03, +12% ↑ in 24 hours and +4.1% ↑ over 7 days (CoinGecko).
- Trigger: No new Backpack announcement since Nov. 3; buys led sells in the main pool, 2,043 to 1,156 (DexScreener).
- Watch: The 24-hour high of $1.05 and the record high of $1.65 from Oct. 1.
What happened
CoinGecko shows $BP trading between $0.924 and $1.05 over the past day. At $1.03, the token sits about 1.3% below that high. Jupiter’s price feed gave nearly the same price, $1.03, a gap of 0.02%.
The token’s market value stands at about $258.2 million, with $6.1 million in trading volume over 24 hours, per CoinGecko. It ranks 145th by market value on that site.
Why it moved
The cause of the rise is not confirmed. Backpack’s own blog lists no new announcement since Nov. 3, when it added a tokenized S&P 500 fund on Solana ($SOL).
The wider market also rose, but less. LiveCoinWatch shows Bitcoin ($BTC) up 2.0% and Ether ($ETH) up 3.3% over 24 hours. CoinGecko shows $SOL up 2.5%.
Who’s buying and selling
Buyers were more active than sellers in the token’s largest pool, BP/USDC on Meteora. DexScreener counts 2,043 buys and 1,156 sells over 24 hours. GeckoTerminal reads 2,318 buys against the same 1,156 sells.
That pool holds about $6.2 million in liquidity, per DexScreener. DefiLlama values the assets it tracks on Backpack Exchange at $551.1 million, up 6.8% in a day. Part of that rise can come from higher prices of the coins held.
What to watch next
The first level is the 24-hour high of $1.05. The next is the record high of $1.65, set on Oct. 1, per CoinGecko. The token trades about 37% below it.
Also watch whether buys keep leading sells in the main pool. A move this large without news can fade as fast as it came.
Bottom line: Backpack Exchange’s token gains 12% in a day and outpaces the wider market, though no news explains the move yet.
Sources
- CoinGecko: Backpack (BP) price, range, market value, volume, record high
- Jupiter: BP price cross-check
- DexScreener: BP/USDC pool on Meteora
- GeckoTerminal: BP/USDC pool on Meteora
- DefiLlama: Backpack assets
- LiveCoinWatch: Bitcoin and Ether prices
- Backpack blog
Price data: CoinGecko. Not financial advice.
