Backpack Exchange token drops 14% as its slide from a record deepens
Backpack Exchange ($BP) traded at $1.07 at 3:21 p.m. ET on Oct. 7, down 14% in 24 hours and about 35% below its Oct. 1 record.
The quick take
- Price: $BP at $1.07, -14% ↓ in 24 hours and -13% ↓ in seven days (CoinGecko, 3:21 p.m. ET).
- Trigger: a slide from a 24-hour high of $1.25 to a low of $1.02, with no token announcement from the exchange.
- Watch: the token now trades about 35% below its $1.65 record from Oct. 1.
The Backpack Exchange token drops 14% on Wednesday, Oct. 7, as its pullback from last week’s record deepens. Backpack Exchange ($BP) traded at $1.07 at 3:21 p.m. ET, down 14% in 24 hours, according to CoinGecko.
What happened
$BP moved between $1.02 and $1.25 over the past 24 hours, CoinGecko data show. Jupiter put the price at $1.075, within 0.4% of CoinGecko, and also shows a 13% daily drop.
The token is down 13% over seven days. Over 30 days it is still up 117%, after a climb that peaked at $1.65 on Oct. 1.
Why it moved
Backpack Exchange has not posted an announcement about its token, so the cause of the drop is not confirmed. The exchange’s blog posts on Oct. 7 covered new tokenized stock listings and a trading campaign.
The wider market was weak too, but far less so. Solana ($SOL) fell 3.6% to $116.25, per CoinGecko. Bitcoin ($BTC) slipped 2.4% and Ether ($ETH) lost 4.4%, according to LiveCoinWatch.
Who’s buying and selling
CoinGecko lists $19.6 million in 24-hour $BP trading volume, about 7% of the token’s $267 million market value.
The largest Solana pool for the token is a BP/USDC pair on Meteora. It holds $5.9 million in liquidity and traded $11.3 million over 24 hours, DexScreener data show.
The two pool trackers disagree on trade counts. DexScreener counted 5,116 buys and 5,582 sells, while GeckoTerminal counted 7,605 buys and 5,574 sells. Neither count shows the size of each trade.
What to watch next
One level to watch is the 24-hour low near $1.02. Another signal is whether daily volume stays near $19.6 million or fades after the drop.
A statement from Backpack Exchange would help explain the move. Until then, the slide rests on market data alone.
Bottom line: $BP lost 14% in a day and sits about 35% below its record, while the reason for the drop is not yet confirmed.
Price data: CoinGecko, cross-checked with Jupiter.
Sources
- CoinGecko: Backpack price, range, volume and market value (19:21 and 19:41 UTC)
- Jupiter: BP price cross-check (19:41 UTC)
- DexScreener: BP/USDC pool on Meteora (19:41 UTC)
- GeckoTerminal: BP/USDC pool on Meteora (19:41 UTC)
- Backpack Exchange blog (19:41 UTC)
- CoinGecko: Solana price and LiveCoinWatch: Bitcoin and Ether (19:41 UTC)
Not financial advice.
