Trader Buys 2M Dogecoin Call Options as Meme Coin Market Heats Up

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Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

The biggest and most established global event for everything crypto, blockchain and Web3.The contract will expire in 16 days, in which time DOGE has to rise by 31% to avoid expiring worthless.A trader bought two million dogecoincall options at a strike price of $0.22 on Wednesday, according to Bernd Sischka, chief commercial officer at derivatives exchange PowerTrade.

DOGE is currently trading $0.166 and the call options purchased expire on June 14, which means that the popular meme coin will have to rise by more than 31% for the trade to be profitable. Options are a derivative contracts that give buyer the right to either buy or sell an asset at a predetermined price before the contract expires. If the underlying asset doesn't reach the strike price, that contract will expire worthless.following a sudden rise in the share price of Gamestop , a meme stock that often moves in tandem with meme coins.

After touching a low of $0.056 in October 2023, dogecoin has rallied by more than 195% as the crypto industry entered a bull market spurred by spot BTC ETF approvals in the U.S.Corrects headline and opening paragraph to reflect value of trade is 2 million contracts, not $2 million.

 

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