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

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The $2 million buy of name choices is seen as a bullish guess on dogecoin.

The contract will expire in 16 days, by which time DOGE has to rise by 31% to keep away from expiring nugatory.

Dogecoin final touched $0.22 in March, however hasn’t surpassed that stage since November 2021.

A dealer purchased $2 million price of dogecoin (DOGE) name choices at a strike value of $0.22 on Wednesday, in response to Bernd Sischka, chief industrial officer at derivatives trade PowerTrade.

DOGE is at the moment buying and selling $0.166 and the decision choices bought expire on June 14, which signifies that the favored meme coin must rise by greater than 31% for the commerce to be worthwhile.

Choices are a spinoff contracts that give purchaser the appropriate to both purchase or promote an asset at a predetermined value earlier than the contract expires. If the underlying asset does not attain the strike value, that contract will expire nugatory.

The commerce comes off the again of a bullish day throughout the meme coin sector following a sudden rise within the share value of Gamestop (GME), a meme inventory that usually strikes in tandem with meme cash.

Dogecoin hit an area excessive of $0.22 in March, however hasn’t surpassed that stage since November 2021.

“I believe altcoins have been lagging the latest run-up in ethereum and for many merchants take a look at what ETH is doing and suggest potential strikes for altcoins,” Sischka mentioned. “The ETF apporval drove the ETH rally however I believe with doge the wild card is that Elon Musk provides it to Twitter as some form of fee forex.”

After touching a low of $0.056 in October 2023, dogecoin has rallied by greater than 195% because the crypto trade entered a bull market spurred by spot BTC ETF approvals within the U.S.

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