What Are Meme Stocks And Why Krispy Kreme and GoPro Are In The Spotlight
GoPro and Krispy Kreme became the latest favourites of retail traders on social media, with both stocks soaring on July 23 amid a renewed wave of meme stock enthusiasm.
Retail traders on Reddit and other social media platforms appear to have found their next targets, as shares of GoPro and Krispy Kreme soared on July 23 in a resurgence of meme stock mania. The action mirrored previous social-driven trading frenzies, with Krispy Kreme climbing by as much as 70% in premarket trading before paring gains to 26% at market open.
According to CNN, wearable camera maker GoPro recorded its best trading day ever on 22 July, closing 41% higher, and extended those gains by rising over 50% during the morning session on 23 July.
These latest rallies evoked memories of the early 2021 frenzy, when an army of everyday retail traders united online in a get-rich-quick crusade, taking on the so-called financial elites of Wall Street in a dramatic showdown.
Now, alongside GoPro and Krispy Kreme, plant-based food producer Beyond Meat was also being discussed in meme stock circles.
Krispy Kreme's Rollercoaster Ride
The doughnut giant, once a cult favourite, has seen years of declining earnings and shrinking revenue. On July 22 alone, Krispy Kreme stock rose 26.7%. The jump on July 23 further extended its gains, even as analysts predict a loss for the company in 2025. Recently, the company withdrew its full-year financial forecast as it reevaluated its distribution agreement with McDonald's. Despite this uncertain outlook, the online buzz was enough to send shares flying. Such is the nature of meme stock trading, where momentum, instead of fundamentals, often drives price movements.
What Exactly Is A Meme Stock?
According to Investopedia, a meme stock is a company's share that experiences a sharp rise in popularity and trading activity, largely driven by social media buzz and online communities instead of its financial performance. Platforms like Reddit, X (formerly Twitter) and Facebook often serve as hotspots for intense discussions, crowd-sourced analysis and collective speculation that fuel these stock surges.
On Reddit, communities like r/wallstreetbets can single-handedly elevate a little-known or struggling company into stock market stardom.
Meme stocks often begin as heavily shorted equities, meaning professional investors are betting their value will fall. But when retail traders start piling in and the price rises, it can trigger what's known as a 'short squeeze." In this scenario, short sellers rush to buy back shares to limit their losses, which pushes the price even higher.
The meme stock saga began in August 2020 when YouTuber Roaring Kitty posted a viral video predicting that GameStop's shares, then trading around $5, could soar to $50. He said that the stock had one of the highest short interests in the market, mostly held by hedge funds, making it ripe for a short squeeze.
Soon after, Chewy.com's former CEO Ryan Cohen quietly bought into GameStop. By November 2020, it was revealed he held a 10% stake. Cohen joined the company's board in January 2021, triggering a sharp rally, and the stock doubled within days.
The short squeeze erupted later that month. GameStop shares skyrocketed to nearly $500 as retail investors piled in and short sellers rushed to cover losses. Several hedge funds took massive hits, with some shutting down entirely. The movement was hailed as a modern-day David vs. Goliath story, with retail traders taking on Wall Street's elite.
Mechanics Behind The Mania
The roots of meme stock behaviour go back decades to the internet-fuelled trading forums of the dotcom era. But the phenomenon really took shape in 2020 with the rise of WallStreetBets on Reddit. The forum brought together retail investors willing to challenge conventional Wall Street wisdom and take big risks.
These communities don't function like traditional investment firms. There's no formal leadership or strategy. Instead, they operate as loosely knit collectives, often driven by internet humour, rebellion against hedge funds or the thrill of a rally.
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July 24, 2025, 09:26 IST
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