Backpack (BP) cryptocurrency rallies over 120% in one week

The cryptocurrency Backpack (BP) has experienced a significant rally, increasing more than 43% in 24 hours and exceeding 121% in weekly gains. The token reached a new peak of approximately $1.3994, driven by a market-wide resurgence in the real-world asset (RWA) sector and a massive spike in short liquidations, which were 73 times larger than long liquidations.

Built on the Solana blockchain, the protocol has seen total assets deployed reach a new high of $604.75 million. Asset holders have increased by 204% to over 242,000, while daily asset transfer counts averaged 1 million over the past week. Despite these gains, some technical indicators, such as the Chaikin Money Flow, suggest a potential correction phase as capital begins to exit the coin.