Backpack Exchange token climbs 5.0% and trades near its high

Backpack Exchange token climbs 5.0% and trades near its daily high

Backpack Exchange’s $BP rose 5.0% in 24 hours to $1.01 as of 7:40 p.m. ET on Wednesday, near the top of its daily range.

Backpack Exchange ($BP) is higher tonight: the Backpack Exchange token climbs 5.0% in 24 hours to $1.01, per CoinGecko data as of 7:40 p.m. ET on Wednesday, Oct. 28. It now trades near the top of its daily range.

The quick take

Price: $BP $1.01, +5.0% ↑ in 24 hours (CoinGecko, 7:40 p.m. ET).
Trigger: No Backpack announcement is tied to the move; the token rose more than Solana ($SOL), which gained 1.2%.
Watch: Whether $BP holds near its daily high of $1.02 after a 12% weekly drop.

What happened

CoinGecko put $BP at $1.01 at 23:40 UTC, up 5.0% in a day. Its 24-hour range ran from $0.962 to $1.02, so the token sat close to the top of that band. Jupiter’s price feed showed $1.0147, within 0.1% of CoinGecko.

The gain trims a rough week. $BP is still down 12% over seven days and about 39% below its record high of $1.65, set on Oct. 1, according to CoinGecko. Its market value stands near $254 million, with $3.0 million traded in 24 hours.

Why it moved

Backpack has not tied any announcement to the move, so the exact cause is not confirmed. Its newest blog post, dated Oct. 28, added tokenized shares of The Cheesecake Factory on Solana. Each token can be redeemed one to one for a real share.

That listing is routine for the platform. It followed Microsoft and Alphabet tokens on Oct. 27, per the Backpack blog. The wider market was firmer but calmer: Bitcoin ($BTC) rose 0.4%, per LiveCoinWatch, and $SOL rose 1.2%, per CoinGecko.

Who’s buying and selling

On-chain trading looked balanced. The largest $BP pool, a BP/USDC pool on Meteora with about $6.7 million in liquidity, logged 579 buys and 588 sells in 24 hours, per DexScreener. GeckoTerminal showed nearly the same count, with 582 buys and 588 sells.

So the climb did not come with a rush of on-chain buy orders. These counts cover one pool only; CoinGecko’s $3.0 million daily volume spans all the markets it tracks. Assets held on Backpack’s platform stood near $562 million, according to DefiLlama.

What to watch next

Two readings matter from here. The first is whether $BP stays above $1.00 after a week of losses. The second is whether platform assets near $562 million move with the token or stay flat.

Bottom line: $BP had one of its better days this week, but it still trades well below its early-October peak.

Price data: CoinGecko.