Apecoin (APE) has surged almost 100 percent in the past two days following Yuga Labs’ launch of ApeChain.
While this rise excited investors, option traders also turned to call options.
At this point, investors flocked to APE call options on altcoin-focused derivatives exchange PowerTrade, with some investors purchasing call options at $2.2, representing bullish expectations.
According to Coindesk, PowerTrade stated in its post that open interest in APE options has increased following the mainnet launch.
Accordingly, open interest in ApeCoin (APE) options on crypto derivatives platform PowerTrade increased by more than 800% in a single day, reaching 263,000 ($394,500).
It was stated that this increase indicates a strong upward momentum for APE in the short term.
While most trading focused on options expiring on Oct. 22 and 25, investors are reportedly buying out-of-the-money (OTM) call options with maturities as high as $2.2, which is about 50% higher than the current price of APE.
This means that APE is expected to rise by approximately 50% from its current market price.
PowerTrade also announced plans to offer options on several other altcoins, including EIGEN, APT, ARK, and PYTH, noting that it recorded a record $50 million trading volume on options tied to 44 altcoins on Monday.
..and here are the $APE call buyers on PowerDEX cashing in. $APE liquidity is deep and tight..only at PowerTrade!
Both sides of the trade can execute 24/7 in our orderbooks or if you need large size also via our RFQ. pic.twitter.com/5W66R53vq6
— PowerTrade (@PowerTradeHQ) October 21, 2024
*This is not investment advice.
