A trader bought two million dogecoin (DOGE) call options at a strike price of $0.22 on Wednesday, with the options expiring on June 14; DOGE must rise by over 31% for profitability.
Options allow the buyer to buy/sell at a set price before expiration; if the asset doesn't reach the strike price, the contract becomes worthless. Dogecoin reached $0.22 in March, yet has not surpassed since November 2021.
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