Backpack Exchange token pullback deepens with a 7.6% daily drop
Backpack Exchange ($BP) fell 7.6% in 24 hours to $1.20 as of 11:39 a.m. ET on Oct. 3, leaving the token 27% below its Oct. 1 record high.
The quick take
- Price: $BP at $1.20, -7.6% ↓ in 24 hours (CoinGecko, 15:39 UTC).
- Trigger: Selling went on after the Oct. 1 record high; no single cause is confirmed.
- Watch: Whether $BP holds above its 24-hour low of $1.13.
What happened
The Backpack Exchange token pullback deepens on Saturday. Backpack Exchange ($BP) fell 7.6% in 24 hours to $1.20, CoinGecko data shows. That was the price at 15:39 UTC (11:39 a.m. ET) on Oct. 3.
The token traded between $1.13 and $1.31 over the day. It now sits 27% below its record high of $1.65, set early on Oct. 1.
The wider market was calmer. Bitcoin ($BTC) slipped 0.7% and Ether ($ETH) lost 0.6%, according to LiveCoinWatch. Solana ($SOL) was close to flat, down 0.2% on CoinGecko.
The drop trims a large run. $BP is still up 164% over 30 days.
Why it moved
No single cause is confirmed. Backpack’s own news on Oct. 3 was about products, not its token. The exchange added a tokenized BlackRock share ($BLK) on Solana. Backpack says each token can be redeemed 1:1 for a real share through Backpack Securities.
Money held on the exchange dipped as well. DefiLlama tracks $627 million in assets on Backpack, down 3.2% in a day.
Who’s buying and selling
Most on-chain $BP trading runs through a BP/USDC pool on Meteora with $5.96 million in liquidity. DexScreener counted 3,330 buys against 2,845 sells there over 24 hours. GeckoTerminal showed 3,781 buys and 2,837 sells on the same pool.
So more orders were buys, yet the price fell. Trade counts show how many orders went each way, not how large they were. A few large sell orders can outweigh many small buys.
Total $BP trading reached $14.3 million over 24 hours on CoinGecko. The token’s market value stood at about $300 million.
What to watch next
- Whether $BP holds above its 24-hour low of $1.13.
- Whether assets held on Backpack keep sliding on DefiLlama.
- Any Backpack statement about its token.
Bottom line: $BP keeps giving back its record-high gains while the wider market stays quiet, and no clear cause is confirmed yet.
Price data: CoinGecko.
Sources
- CoinGecko — Backpack (BP): price, 24h change, 24h range, 30-day change, record high, volume and market cap (15:39 UTC, Oct. 3)
- Backpack — Tokenized BlackRock ($BLK) now available on Solana: product news (Oct. 3)
- DefiLlama — Backpack: assets held and 1-day change (15:40 UTC)
- DexScreener — BP/USDC pool: liquidity, 24h buys and sells (15:40 UTC)
- GeckoTerminal — BP/USDC pool: liquidity, 24h buys and sells (15:40 UTC)
- LiveCoinWatch: Bitcoin and Ether 24h change (15:40 UTC)
Not financial advice.
