Backpack Exchange token falls 16% a day after record high

Backpack Exchange token falls 16% a day after its record high

Backpack Exchange token falls 16% in 24 hours, with $BP at $1.20 at 1:38 p.m. ET on Oct. 2, according to CoinGecko.

The quick take

Price: $1.20, down 16% in 24 hours and 27% below its Oct. 1 record (CoinGecko, 1:38 p.m. ET).
Trigger: No cause is confirmed; Backpack has posted no new announcement since Sept. 30.
Watch: Whether $BP steadies near $1.20 after most of the drop landed in about three hours.

Backpack Exchange token falls 16% in 24 hours, with $BP at $1.20 at 1:38 p.m. ET on Oct. 2, according to CoinGecko.

Backpack Exchange token falls 16% in a day, just after setting a record high. The Backpack Exchange ($BP) token traded at $1.20 at 1:38 p.m. ET (17:38 UTC) on Oct. 2, according to CoinGecko. That leaves it 27% below the record of $1.65 it reached on Oct. 1.

What happened

$BP traded as high as $1.47 over the past 24 hours, CoinGecko data show. Its market value stands near $300 million, with $17.6 million in 24-hour trading volume. Jupiter’s price feed also showed $1.20, within 0.1% of CoinGecko.

The record high came at 03:57 UTC on Oct. 1, late on Sept. 30 in New York. Even after today’s drop, $BP is up 189% over 30 days, CoinGecko data show.

Why it moved

No announcement explains the drop, so the cause is not confirmed. Backpack’s blog shows no new post since Sept. 30, when it added more tokenized stocks on Solana.

Most of the slide came late in the day. On the main BP/USDC pool on Meteora, the price fell from about $1.35 at 11 a.m. ET to about $1.20 after 1 p.m. ET, GeckoTerminal hourly data show.

The move was not market-wide. Solana ($SOL) rose 0.7% in 24 hours, per CoinGecko, while Bitcoin ($BTC) slipped 0.5%, per LiveCoinWatch.

Who’s buying and selling

Trade counts on that main pool give a mixed read. DexScreener shows 5,042 sells against 4,906 buys over 24 hours. GeckoTerminal shows the opposite tilt, with 6,947 buys and 5,049 sells.

Counts show the number of trades, not their size. The pool holds about $5.8 million in liquidity, per DexScreener.

Assets held on the exchange dipped too. DefiLlama tracks $642 million on Backpack, down 4.1% in a day but up 3.8% in a week. That figure also moves with the prices of the tokens held.

What to watch next

Watch whether $BP steadies near $1.20 after a month that nearly tripled its price. Trade counts on the Meteora pool and any new Backpack announcement are the next clues.

Bottom line: $BP gave back 16% in a day with no confirmed cause, one day after its record high.

Price data: CoinGecko.