Lily

Vol is so extreme on these products that QBTX has options out to December 2025, where you can sell the $160 or even $165 call for $36+, or 40% of current spot, with a breakeven at $196-200, or around 125% of current spot.

It's basically a real life empirical example of what happens to option prices when vol goes to infinity (or very close to it) - the price of options across the board at long enough duration basically goes nearly flat across strikes.
Similarly, you could probably sell puts too.

Since with memes, the stock-vol correlation runs squarely positive (as opposed to normal stocks), so on the way down, vol declines with the stock price. Puts arguably also get crushed (same reason why buying puts on these stocks doesn't work well).