Backpack Exchange token drops 13% days after its record high

The Backpack Exchange token fell 13% in 24 hours to $1.15 as of 8:39 a.m. ET on Sept. 30, per CoinGecko.

The quick take

Price: $BP at $1.15, -13% ↓ over 24 hours (CoinGecko, 12:39 UTC).
Trigger: No single cause is confirmed; the drop comes three days after a record high of $1.58.
Watch: Whether sellers keep outnumbering buyers in the largest on-chain $BP pool.

What happened

The Backpack Exchange token, Backpack ($BP), fell 13% in the 24 hours to 12:39 UTC on Sept. 30. It traded at $1.15, according to CoinGecko. Jupiter’s on-chain price was $1.152, down 13%, a gap of about 0.2%.

Over the day, $BP swung between a low of $1.11 and a high of $1.33. It is still up 34% from a week ago.

Why it moved

The cause of today’s drop is not known yet. The fall follows a steep climb. $BP set a record high of $1.58 on Sept. 27 at 10:36 UTC and now trades about 27% below that level. Over 30 days, it is still up 181%, per CoinGecko.

The wider market was calm. Solana ($SOL) rose 0.5% to $121.26 on CoinGecko. Bitcoin ($BTC) gained 0.2%, per LiveCoinWatch. So the move looks specific to $BP, not a broad sell-off.

Who’s buying and selling

On-chain trades lean toward sellers. The largest $BP pool is a Meteora pair against USDC with $5.65 million in liquidity. There, DexScreener counted 7,482 sells and 3,763 buys over 24 hours, about two sells for every buy.

Trade counts do not show trade size, so a few large buyers could still be active. Total $BP trading volume reached $12.6 million in 24 hours, per CoinGecko. The token’s market value is about $287 million, with 250 million of its 1 billion tokens in circulation.

What to watch next

The first marker is the 24-hour low of $1.11 from CoinGecko data. The second is the balance of buys and sells in the Meteora pool, which showed who drove today’s move.

The exchange’s own numbers matter too. DefiLlama tracks about $599 million in assets held on Backpack. A big change there would show whether users stay while the token cools.

Bottom line: $BP gave back part of a sharp September run today, with sellers leading on-chain and no confirmed trigger.