Why is Backpack [BP] crypto up? RWA rebound, 73x short liquidations & more…

Backpack [BP] rallied more than 43% in the past 24 hours, bringing its weekly gains above 121%. During this period, the price of BP went on to make a new peak value of about $1.3994.

Even in trends, BP led all other coins in social sentiment. Other factors that contributed to this sharp uptick in price were volume and total assets deployed.

Analyzing resurgence in RWA-themed coins

First, there was a market-wide resurgence in the real-world asset (RWA) sector, with BP leading all in daily gains, according to CoinGecko. Other RWA-themed coins that came close were Ondo Finance [ONDO] and Quant [QNT], of which both grew over 25%.

The uptrend was amplified by a spike in perpetual liquidations of shorts, which was 73 times bigger than that of longs.

Further analysis of the protocol, which is built on Solana [SOL], unmasked more metrics.

For instance, Total Assets deployed on BP reached a new high of $604.75 million. Over the past week, the average daily asset transfer count reached 1 million.

As a result, asset holders surged by 204%, surpassing the 242K mark, as per Token Terminal.

Additionally, the monthly token trading volume surged by 175%, to about $157 million. But from a daily perspective, the volume had quadrupled from $7 million to over $29 million.