Hey there, crypto enthusiasts! If you’ve been keeping an eye on the blockchain scene, you’ve probably heard the exciting news about Backpack Exchange. On July 10, 2025, Solana Legend dropped a bombshell on X, revealing that Backpack Exchange racked up an astonishing $950 million in fee-paying volume (covering both perpetual and spot trading) in just the last 24 hours. That’s not all—open interest, which tracks the total value of outstanding futures contracts, has tripled since a few weeks ago. Let’s break this down and see what it means for the crypto community!

What’s Driving This Surge?

First off, let’s talk about that $950 million trading volume. For those new to crypto, trading volume is the total value of all trades executed on an exchange in a given period—in this case, 24 hours. The 19.3% increase highlighted in the image shows Backpack is gaining serious momentum. This could be fueled by growing trust in the platform, new user adoption, or even hype around Solana-based projects, since Backpack is closely tied to the Solana ecosystem.

Open interest jumping 3x is another big deal. This metric reflects the number of active futures contracts, giving us a peek into how many traders are betting on future price movements. A threefold increase suggests traders are more confident—or speculative—about where crypto prices are headed, which could signal bullish sentiment.

The Bigger Picture

What makes this even more intriguing is the timing. The post mentions that this surge happened before Backpack enables services in the EU or Japan. With regulatory approvals pending, Backpack could soon tap into massive new markets. Japan, where it’s currently 6:21 PM on July 10, 2025, has a thriving crypto scene, and EU expansion could open doors to millions of traders. Once these regions are online, we might see the numbers climb even higher!

Why It Matters to Meme Token Fans

At Meme Insider, we’re all about keeping you in the loop on trends that could impact meme tokens and the broader blockchain space. While Backpack Exchange isn’t exclusively a meme coin platform, its growth could spill over into the meme token market. Increased trading activity and liquidity on a major exchange like Backpack often attract speculators, including those hunting for the next big meme coin hit. Plus, with Solana’s low fees and high speed, it’s a natural home for meme token projects looking to gain traction.

What’s Next?

This is just the beginning for Backpack Exchange. The platform’s global presence and regulatory compliance (as noted in the tweet) position it as a serious player in the centralized exchange (CEX) world. Keep an eye on their official announcements for updates on EU and Japan rollouts—they could be game-changers. In the meantime, if you’re a blockchain practitioner or just a curious trader, now’s a great time to explore what Backpack has to offer.

Got questions about this surge or want to dive deeper into Backpack’s stats? Drop a comment below or check out our knowledge base for more crypto insights. Let’s ride this wave together!