Backpack Exchange record high comes with a 31% daily gain
Backpack Exchange’s $BP token traded at $1.50 at 12:39 UTC on Oct. 1, up 31% in 24 hours, after a record $1.65 at 03:57 UTC.
The quick take
- Price: $BP at $1.50, up 31.0% in 24 hours (+31.0% ↑), per CoinGecko at 12:39 UTC.
- Trigger: a new all-time peak of $1.65 at 03:57 UTC, per CoinGecko, with no confirmed cause.
- Watch: whether sell trades keep outnumbering buy trades on the main Solana pool.
What happened
Backpack Exchange ($BP) set a new high overnight. The Backpack Exchange record high came at $1.65 at 03:57 UTC on Thursday (11:57 p.m. ET on Wednesday), according to CoinGecko.
By 12:39 UTC, $BP traded at $1.50, up 31.0% in 24 hours. That leaves it about 9% below the new peak. Its 24-hour low was $1.09, so the token covered a wide range in one day.
The climb is part of a longer run. CoinGecko shows $BP up 265% over 30 days. Jupiter’s price feed put the token at $1.51, within 0.6% of CoinGecko.
Why it moved
The cause of the jump is not confirmed. Backpack’s own blog shows no token announcement in the last 24 hours.
Its newest posts are about tokenized U.S. stocks on Solana. On Sept. 30, Backpack Securities added Bloom Energy shares that it says can be redeemed 1:1 for the real stock. Whether that news drew buyers to $BP is not known.
The token rose against a weak market. Solana ($SOL) fell 3.3% in 24 hours, per CoinGecko. Bitcoin ($BTC) slipped 0.6% to $84,001, per LiveCoinWatch at 12:41 UTC.
Who’s buying and selling
Trading was heavy. CoinGecko shows $34.3 million in 24-hour volume against a market value of $375.8 million.
On Solana, the largest pool is a $BP/USDC pool on Meteora with $6.2 million in liquidity, per DexScreener. It logged 17,500 sell trades and 8,612 buy trades in 24 hours.
Trade counts do not show trade size. So the split does not tell us which side moved more money, only that sell orders were more frequent.
What to watch next
- Whether $BP holds near $1.50 after a day with a range of more than 50 cents.
- Backpack’s blog for any token or product news that could explain the move.
- The buy and sell trade counts on the main Meteora pool.
Bottom line: Backpack Exchange’s token set a record $1.65 overnight and holds a 31% daily gain, but the reason is still unknown.
Price data: CoinGecko.
Sources
- CoinGecko: Backpack (BP) price, 24-hour and 30-day change, record high, volume and market value (12:39 UTC)
- Jupiter Price API: $BP price cross-check (12:41 UTC)
- DexScreener: $BP/USDC pool on Meteora, liquidity and 24-hour trades (12:41 UTC)
- Backpack blog: Onchain Tokenized Bloom Energy ($BE) Now Available on Solana (Sept. 30)
- LiveCoinWatch: Bitcoin price and 24-hour change (12:41 UTC)
Not financial advice.
