APE, the governance and utility token of its ecosystem, has doubled in value to $1.50 since the weekend. This surge in price has led to a notable increase in trading activity on PowerTrade, a derivatives exchange focused on altcoins, with an open interest in APE call options skyrocketing over 800% to 263,000 contracts within a single day. Most of these contracts, representing bullish sentiment among traders, are set to expire on October 22 and October 25, with bullish bets placed at higher strike prices like $2.2. This growth in APE options activity mirrors the increasing sophistication within the altcoin market, despite its market capitalization being around $1 billion, much smaller than that of Bitcoin and Ethereum. The bullish sentiment is attributed to optimistic expectations surrounding the Apechain mainnet launch and LayerZero’s integration. PowerTrade registered a record trading volume of $50 million in options related to various altcoins and plans to expand their offerings further.

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