Meme coins have taken the cryptocurrency world by storm, capturing the interest of investors and traders alike. One such rising star is $PEPE Coin, a meme-based cryptocurrency inspired by the popular “Pepe the Frog” character.
Pepe Coin is an Ethereum-based token that was launched on April 15, focusing on the meme culture and targeting a surge in market cap during “memecoin season”. With a playful nod to its internet-famous amphibian mascot, Pepe Coin has managed to capture the attention of traders and investors alike.
***Should you buy $PEPE now?
Experts say it might be a bit early. While the price has dropped, it's still significantly higher than usual.
Instead of buying now, investors might want to wait for a retest of a specific price point (around $0.00000920) which could offer better buying opportunities.
but stills it is worth buying even if it doesn't decrease now, because it may keeps up.
Will Crypto Markets March Higher When $1.4B Bitcoin Options Expire?
Crypto markets have largely held on to gains this week, buoyed by Ethereum and the US Securities and Exchange Commission’s approval of spot exchange-traded funds.
However, around $1.4 billion in notional value Bitcoin options contacts will expire on May 24.
The 21,000 contract expiry is a relatively small event compared to the month-end May 31 expiry which will see a whopping $4.3 billion worth of options expire, according to Deribit.
Bitcoin Options Expiry
The put/call ratio for this week’s Bitcoin options contracts is 0.88, which means that long and short-contract sellers are relatively evenly matched with slightly more calls expiring. The max pain point, or the price at which most option contract buyers lose their premium, is $67,000.
The longs are also dominating in open interest (OI) with around $830 million at the $70,000 strike price. Higher strike prices also have a lot of OI, with around $843 million at $100,000, according to Deribit.
The $60,000 strike price has the highest amount of OI for put contracts with $388 million. Open interest refers to the number or value of contracts that have yet to be settled, so the bulls expect much higher BTC prices.
Chart Bitcoin OI by expiry. Source: Deribit
In addition to today’s Bitcoin options there are around 354,000 Ethereum contracts expiring today. These have a notional value of $1.5 billion and a put/call ratio of 0.57 with more calls expiring than puts.
Derivatives traders have been speculating on ETH in the run-up to the long-awaited SEC deadline. There is around $515 million in OI at the $4,000 strike price as bulls expect more momentum.
“BTC pulled back as expected, compared to the very strong support for ETH’s price, with ETH’s current weekly weighted IV still exceeding 100%, while BTC’s current weekly IV is only 50%,” commented crypto derivatives software provider Greeks Live.
Crypto Market Impact
Almost $3 billion in BTC and ETH options will expire today, but the impact on spot markets is usually muted. Total capitalization has dropped 1.3% to $2.68 trillion, primarily due to a 2.3% dip in Bitcoin prices as the asset fell to $67,400 at the time of writing.
Ethereum faced tons of volatility ahead of yesterday’s decision but now stands calmly at $3,730.
The altcoins were a mixed bag with gains for Chainlink (LINK), PEPE, and Ethereum Classic (ETC), but losses for Solana (SOL), Dogecoin (DOGE), and Toncoin (TON).
The post Will Crypto Markets March Higher When $1.4B Bitcoin Options Expire? appeared first on CryptoPotato.
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