Backpack Exchange token rallies 8.3% as pool buyers lead

Backpack Exchange token rallies 8.3% as pool buyers lead on Wednesday

Backpack Exchange ($BP) traded at $0.923 at 7:40 a.m. ET (12:40 UTC) on Wednesday, up 8.3% in 24 hours on CoinGecko.

The quick take

Price: $0.923, up 8.3% in 24 hours on CoinGecko at 12:40 UTC; Jupiter showed $0.925 (+8.2%).
Trigger: Backpack Exchange’s blog shows no token news in the past day, so the cause is not confirmed.
Watch: Whether $BP holds above $0.918, the top of its 24-hour range, while it is still down 7.4% for the week.

What happened

The Backpack Exchange token rallies into Wednesday morning in New York. Backpack Exchange ($BP) traded at $0.923 at 7:40 a.m. ET (12:40 UTC), up 8.3% in 24 hours, according to CoinGecko. Jupiter’s price feed showed $0.925 and a gain of 8.2%, a gap of 0.18%.

CoinGecko’s 24-hour range ran from $0.855 to $0.918 at 12:47 UTC, so the latest price sits just above the top of that range. CoinPaprika, a second price directory, showed a smaller gain of 7.1% at 12:44 UTC.

The bounce still leaves a weekly loss. CoinGecko shows $BP down 7.4% over seven days. The token trades about 44% below its record high of $1.65, set on Oct. 1.

Why it moved

Backpack Exchange’s blog shows no token news in the past 24 hours, so the cause of the move is not confirmed. Its latest post, on Nov. 3, added a tokenized version of the State Street SPDR S&P 500 ETF Trust ($SPY) on Solana ($SOL). Backpack says each of those tokens can be redeemed 1:1 for a real share through Backpack Securities.

The wider market was calmer. $SOL slipped 0.3% to $92.73 on CoinGecko. LiveCoinWatch showed Bitcoin ($BTC) up 0.9% and Ether ($ETH) up 1.4%.

Who’s buying and selling

Buyers led the token’s biggest pool. The Meteora BP/USDC pool on Solana logged 1,897 buys against 1,102 sells over 24 hours, per DexScreener. GeckoTerminal counted 1,903 buys and 1,087 sells in the same pool.

That pool held about $5.9 million in liquidity and traded $1.58 million in 24 hours. CoinGecko put total $BP trading volume at $4.5 million and its market value at $230.8 million.

What to watch next

First, whether $BP stays above $0.918, the top of its 24-hour range; the low of that range is $0.855. Second, whether buyers keep their lead in the Meteora pool over the next day.

Third, any word from Backpack Exchange on new tokenized listings or plans for its token. A fresh weekly reading on CoinGecko will show whether the bounce cuts into the 7.4% weekly loss.

Bottom line: Backpack Exchange’s token won back 8.3% in a day with buyers in charge of its main pool, but it is still down for the week.