Backpack Exchange token loses 9.4% in a week as platform assets dip
Backpack Exchange’s token trades at $0.980 as of 11:40 a.m. ET on Monday, down 9.4% in seven days, while assets held on the exchange slip to $545.7 million.
The quick take
- Price: $BP at $0.980, down 1.1% in 24 hours and 9.4% in seven days (CoinGecko, 15:40 UTC).
- Trigger: Assets held on Backpack Exchange fell 6.5% since Oct. 19, to $545.7 million (DefiLlama).
- Watch: The 24-hour low of $0.969 and whether buyers keep their edge in the top pool.
The Backpack Exchange token loses 9.4% over seven days. Backpack Exchange ($BP) trades at $0.980 as of 11:40 a.m. ET on Monday, according to CoinGecko.
What happened
$BP is down 1.1% in the last 24 hours, a calmer day inside a longer slide. Its 24-hour range ran from $0.969 to $1.003, per CoinGecko.
The weekly drop sits inside a bigger pullback. CoinGecko shows $BP down 21.6% over 30 days and about 40% below its record of $1.65, set on Oct. 1. Its market value stands near $245.1 million.
Jupiter’s price feed showed $0.983 at the same time, within 0.3% of CoinGecko.
Why it moved
No single cause is confirmed. The exchange’s blog lists no new post since Oct. 24, when it added more tokenized stocks on Solana.
One data point moves the same way. Assets held on the exchange fell to $545.7 million at 13:19 UTC on Monday, per DefiLlama. That is down 6.5% from $583.7 million at the start of Oct. 19 (UTC).
About $465.4 million of those assets sit on Solana ($SOL). The wider market was steady, with $SOL up 0.6% in 24 hours, per CoinGecko.
Who’s buying and selling
Buyers still made more trades than sellers in the token’s top pool. The Meteora BP/USDC pool logged 763 buys and 602 sells in 24 hours, per DexScreener, with $6.5 million in liquidity.
Trade counts do not show trade size, so they say little about net flows. CoinGecko puts 24-hour trading volume across all markets at $2.4 million.
What to watch next
Traders will watch the 24-hour low of $0.969 and the $1 level, which $BP topped at its daily high. The record of $1.65 from Oct. 1 now sits far above the current price.
Exchange assets are worth tracking too. Their value moves with deposits and withdrawals, and also with the prices of the coins held.
Bottom line: $BP is down 9.4% in a week and about 40% below its record, while assets on Backpack Exchange edge lower too.
Sources
- CoinGecko: Backpack (BP) price, 24-hour range, 7-day and 30-day change, record high (15:40 and 15:44 UTC)
- DefiLlama: Backpack exchange assets and history (13:19 UTC)
- Jupiter: BP price cross-check (15:41 UTC)
- DexScreener: Meteora BP/USDC pool, buys, sells and liquidity (15:41 UTC)
- Backpack Exchange blog (read 15:41 UTC)
- CoinGecko: Solana (SOL) 24-hour change (15:40 UTC)
Price data: CoinGecko.
Not financial advice.
