Backpack Exchange Sunday buyers lift its token 1.2%

The quick take

Price: $BP traded at $0.822, up 1.2% in 24 hours and down 7.1% over seven days (CoinGecko, 17:40 UTC).
Trigger: Buys beat sells by about 3 to 2 in the token’s biggest Solana pool, by two separate trackers, while bitcoin and Solana fell.
Watch: Backpack’s tracked reserves: $457.2 million in DefiLlama’s latest reading, down 11% in a week as prices fell, with coin counts steady.

Backpack Exchange Sunday buyers pushed the exchange’s token higher while most of the crypto market kept sliding. Backpack Exchange ($BP) traded at $0.822 at 12:40 p.m. ET, up 1.2% in 24 hours, according to CoinGecko. That puts it just under its 24-hour high of $0.828.

What happened

$BP moved between $0.760 and $0.828 over the past 24 hours, CoinGecko data at 17:43 UTC shows. Jupiter’s price feed put the token at $0.824, within 0.3% of CoinGecko. CoinPaprika showed a 1.7% daily gain.

The longer view is still weak. The token is down 7.1% over seven days and about 50% below its record high of $1.65, set on Oct. 1, CoinGecko data shows. Its market value stands near $205.6 million, with $5.2 million traded across markets in 24 hours.

Why it moved

No Backpack announcement in the last 24 hours explains the gain, so the cause is not confirmed. The newest posts on the Backpack blog are dated Nov. 12.

The rest of the market went the other way. Bitcoin ($BTC) traded at $64,548 at 17:40 UTC, down 2.1% in 24 hours, according to LiveCoinWatch. Cointelegraph reported that bitcoin touched $62,080.91 on Sunday, its lowest point since July.

Solana ($SOL), the chain that hosts the token’s main trading pool, fell 2.9% to $71.11, CoinGecko data shows. Over seven days $SOL is down 20%. Against that backdrop, a small gain in $BP stands out.

Who’s buying and selling

Buyers led in the token’s largest pool, a $BP/USDC pair on Meteora. DexScreener counted 2,530 buys and 1,609 sells in 24 hours. GeckoTerminal counted 2,526 buys and 1,588 sells in the same pool.

Both trackers put the pool’s liquidity at about $5.59 million. That is thin next to a $205.6 million market value, so a few large orders can still swing the price.

On the exchange itself, the coins largely stayed put. DefiLlama tracks Backpack’s known wallets and valued them at $457.2 million at 15:59 UTC. That is down 11% from $513.5 million at the start of Nov. 8, UTC.

Most of that drop came from lower prices, not from coins leaving. The wallets held 570,647 $SOL in the latest reading, a little more than the 568,688 a week earlier. Yet that $SOL was worth $40.5 million, down from $50.9 million.

The exchange’s own token is the largest holding: 204.8 million $BP, worth $168.0 million, or about 37% of the total. The $PYUSD stablecoin balance held at 118.35 million all week. One clear decline: native bitcoin fell from 503.25 coins at the start of Nov. 14 to 449.26, by DefiLlama’s count.

What to watch next

The 24-hour range of $0.760 to $0.828 frames the current move. Pool data will show whether buyers keep their lead if bitcoin revisits its Sunday low.

Reserves matter too. With about a third of the tracked total held in $BP, the token’s own price moves the exchange’s reported reserves. Steady coin counts in DefiLlama’s data would show customers staying put even as dollar values swing.

Bottom line: Backpack Exchange’s token edged up on a weak Sunday, and its tracked reserves shrank in dollars while the coin counts held.

Price data: CoinGecko, checked against Jupiter.