ApeCoin Surges to $1.50, PowerTrade Sees Record Trading Activity and $8.60M Short Liquidations

ApeCoin (APE) has experienced a significant surge, doubling in value to $1.50 since the weekend. This price increase has led to a substantial rise in trading activity on PowerTrade, a leading platform for altcoin options. The open interest for APE options has spiked by 800%, reaching 263,000 contracts, with 80% of these being call options. Traders are betting on a continued rally, with the highest strike bought being a $2.2 call expiring on October 23. The surge in ApeCoin's price, now at $1.65, could potentially lead to the liquidation of over $8.60 million in short positions. PowerTrade has also reported a record volume day, with over $50 million in notional traded, and continues to expand its market offerings. Currently, there are 221,000 call options and 42,000 put options open, with expirations between October 22 to 25.

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