LUCKNOW (CoinChapter.com) — An extraordinary frenzy gripped the stock market today as a new wave of frenzied buying targeted so-called “meme stocks.” This bizarre phenomenon harkens back to the historic GameStop short squeeze of 2021.
It all started when Keith Gill, the Reddit trader known as “Roaring Kitty” who sparked the GameStop mania, tweeted a meme hinting at serious matters afoot.
Like throwing a match on gasoline, Gill’s cryptic message ignited a blistering rally in GameStop shares and set off a broader meme stock inferno.
Over just the last three weeks, meme stocks have stacked $25 billion in market value. Today alone saw over $10 billion in meme mania gains as rational investing was thrown out the window.
GameStop (GME) stock went up a huge 74.4% in just one day to $30.45. Trading had to be stopped 8 times before noon because the stock was so volatile and jumping around a lot.
The 74% gain was GameStop’s biggest one-day increase since early 2021 when the meme stock craze first took off.
Another top meme stock AMC movie theaters (AMC) also soared, climbing 78.35% to $5.19.
This reflects a strong bullish sentiment despite the company’s mixed financial performance. AMC is still a favorite of the meme stock traders. Back in 2021, AMC skyrocketed over 2,300% during the initial meme frenzy.
Reddit (RDDT) stock rose 8.71% to $58.19.
Reddit is where the meme stock mania started. The company’s recent IPO and its involvement in the AI revolution have bolstered investor confidence. Reddit stands to benefit from increased traffic and significant licensing deals, such as a $60 million annual agreement with Alphabet (GOOGL).
Spirit Airlines gained 15.53% in the past 24 hours, with a current price of $4.39 The airline industry’s recovery prospects have made it a target for retail investors.
Lucid Motors, an electric vehicle manufacturer, rose by 5.64% in the past 24 hours, with a current price of $2.81. Its potential in the EV market continues to attract attention from meme stock traders.
Related Post: Lucid Stock Prediction For 2025 — What to Expect?
Another EV manufacturer, Rivian, saw a 9.11% increase in the past 24 hours, with its current price at $10.90. The company’s innovative approach and strategic partnerships have garnered significant interest from stock traders.
Another top meme stock Nio, a prominent Chinese EV maker, also increased by 6% in the past 24 hours, with its current price at $5.40. Strong sales figures and expansion plans have made it a popular choice.
ContextLogic, the parent company of Wish, rose by 8.58% in the past 24 hours, with a current price of $5.57. Despite past challenges, renewed interest from retail investors has driven its stock higher.
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