Consider two European call options on the same underlying stock. Both options have the same maturity T $=6$ months. The only difference between these options is their exercise price. The first one has an exercise price X$1=50$$ whereas the second has an exercise price X$2=150$$$.$ The value of the underlying stock today is $48$$$.$

You calculate the implied volatility of the first option. Then the implied volatility of the second option. Which of the two implied volatilities is a more reliable estimate of the actual volatility? Explain you answer in words.