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.