Backpack Exchange overnight drop leaves its token 5.6% lower

Backpack Exchange’s token fell 5.6% in the 24 hours to 10:40 a.m. ET on Nov. 7 and trades at $0.932, after one sharp sell-off late Friday night.

A Backpack Exchange overnight drop leaves its token 5.6% lower over 24 hours. Backpack Exchange ($BP) trades at $0.932 as of 10:40 a.m. ET on Saturday, Nov. 7, according to CoinGecko. Almost all of the fall came in a single hour late Friday night.

The quick take

Price: $0.932, -5.6% ↓ in 24 hours (CoinGecko).
Trigger: One burst of selling in the hour from 10 p.m. ET Friday drew about $904,000 of trading in the main pool (GeckoTerminal).
Watch: The 24-hour low of $0.904 and whether the price keeps holding near $0.93.

What happened

CoinGecko shows $BP trading between $0.904 and $0.989 over the past day. Jupiter’s price feed gave $0.932, a gap of 0.02%, and put the daily drop at 5.9%.

In the token’s largest pool, BP/USDC on Meteora, the price fell from about $0.959 to as low as $0.872 in the hour starting 10 p.m. ET Friday, per GeckoTerminal. It closed that hour at $0.921. Since then it has stayed between $0.917 and $0.935.

The token’s market value stands near $233.0 million, with $3.9 million in trading volume over 24 hours, per CoinGecko. Over seven days it is roughly flat: CoinGecko reads -0.2% and CoinPaprika +0.1%.

Why it moved

The cause of the drop 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 was calm. LiveCoinWatch shows Bitcoin ($BTC) at $75,749, up 0.4% over 24 hours, and Ether ($ETH) up 1.0%. CoinGecko shows $SOL down 0.9% at $89.38.

Who’s buying and selling

That one hour carried nearly two-thirds of the pool’s $1.41 million in 24-hour volume, per GeckoTerminal. Pool data does not show who sold or why.

Across the full day, trades were evenly split. DexScreener counts 657 sells and 634 buys over 24 hours, and GeckoTerminal reads 657 sells and 633 buys. The pool holds about $5.9 million in liquidity.

DefiLlama values the assets it tracks on Backpack Exchange at $514.5 million, about 1% below its reading at midnight UTC.

What to watch next

The first level is the 24-hour low of $0.904 on CoinGecko; the pool’s brief dip to $0.872 sits below it. Above, the 24-hour high of $0.989 marks where the token traded before Friday night’s slide.

The token trades about 44% below its record high of $1.65, set on Oct. 1, per CoinGecko. Also watch whether trading in the main pool stays as quiet as it has since the sell-off.

Bottom line: Backpack Exchange’s token gives back 5.6% in one late-night burst on a calm market day, and no news explains the move yet.