A recent report by Bernd Sischka, the Chief Commercial Officer at derivatives exchange PowerTrade, revealed that a trader has acquired two million call options for dogecoin (DOGE) at a strike price of $0.22. These options, which are set to expire on June 14, signify a positive speculation on dogecoin's future. For the trader to profit, the meme coin must surge by more than 31% from its current trading value of $0.166.

Options are financial instruments that grant the purchaser the right to buy or sell an asset at a fixed price before the contract's expiration. If the asset fails to reach the strike price, the contract becomes worthless.

This substantial transaction occurs amidst an optimistic trend in the meme coin sector, brought on by a sudden spike in GameStop's share price (GME) – a meme stock often associated with meme coins. Although dogecoin hit $0.22 in March, it has not exceeded this mark since November 2021.

Bernd Sischka noted, 'Altcoins have not kept pace with Ethereum's recent surge. Many traders monitor Ethereum's movements to anticipate potential shifts in altcoins. The surge in Ethereum was fueled by ETF approval, while dogecoin's fate may be influenced by Elon Musk's potential integration of it as a payment option on Twitter.'

After plummeting to $0.056 in October 2023, dogecoin has risen by more than 195%, buoyed by the bullish momentum in the cryptocurrency industry following the approval of spot BTC ETFs in the United States.