Backpack Exchange token sell-off cuts 8.1% in two bursts

Backpack Exchange token sell-off cuts 8.1% in two sharp bursts

Backpack Exchange ($BP) fell 8.1% in 24 hours to $0.853 as of 7:40 a.m. ET on Tuesday, Nov. 3, after two short bursts of selling in its main pool.

The quick take

Price: $BP trades at $0.853, down 8.1% in 24 hours (CoinGecko, 12:40 UTC).
Trigger: Two short hourly sell-offs in its main pool, at 1 p.m. ET Monday and 7 a.m. ET Tuesday; no cause is confirmed.
Watch: Whether the token stays under the bottom of its 24-hour range, and any word from Backpack.

The Backpack Exchange token sell-off came in two sharp bursts. Backpack Exchange ($BP) fell 8.1% in 24 hours to $0.853 at 12:40 UTC (7:40 a.m. ET) on Tuesday, according to CoinGecko.

What happened

CoinGecko’s 24-hour range, read at 12:44 UTC, ran from $0.865 to $0.927. That puts the token below the bottom of the range. Its market value stands at $213 million, with $3.7 million traded in a day.

Other price feeds agree. Jupiter’s price API showed $0.855, a gap of 0.3%. CoinPaprika had $0.853 and a 24-hour drop of 7.9%.

The fall is mostly the token’s own. Solana ($SOL) slipped just 1.0% over the same 24 hours on CoinGecko.

Why it moved

Hourly data from GeckoTerminal for the largest pool, BP/USDC on Meteora, shows two drops. In the hour from 18:00 UTC Monday (1 p.m. ET), the price went from $0.921 to $0.895. About $303,000 changed hands in that hour.

The price then drifted between about $0.876 and $0.890 overnight. The second drop came in the 12:00 UTC hour on Tuesday (7 a.m. ET). It slid from $0.868 to a low of $0.831 on about $394,000 of trading, then bounced to about $0.855.

The cause is not confirmed. Backpack’s blog announced a tokenized version of the SPDR S&P 500 ETF Trust ($SPY) on Solana on Tuesday, issued by Backpack Securities. That post says nothing about $BP.

Who’s buying and selling

Buyers still outnumber sellers by trade count in the main pool. DexScreener counted 1,185 buys and 926 sells over 24 hours. GeckoTerminal counted 1,235 buys and 918 sells.

More buys during a falling price suggests the sell orders were larger on average. The pool holds about $5.6 million in liquidity and traded about $1.15 million in a day on both trackers.

What to watch next

Whether $BP stays under the $0.865 bottom of its 24-hour range.
Any statement from Backpack on the drop; none has been posted.
Distance from the top: CoinGecko lists a record high of $1.65 from Oct. 1, about 48% above today’s price.

Bottom line: $BP’s 8.1% slide came in two short selling waves, and no cause has been confirmed yet.

Price data: CoinGecko (cross-checked with Jupiter).