Shares of Opendoor Technologies (OPEN) have surged more than 170% over the past five trading days after being designated this season’s meme stock by traders on Reddit’s WallStreetBets community.

Speculative interest and trading volumes for the online real estate marketplace have significantly increased over the past month following traction gained among Reddit’s WallStreetBets community.

Notably, after trading as a penny stock, Opendoor shares have climbed more than 500% over the past 30 days, reaching a price of $3.11 per share according to recent data.

Trading volumes have also experienced a dramatic spike, climbing to over five times the long-term average, as reported by Yahoo Finance.

FactSet data cited by CNBC indicates approximately 1.9 billion Opendoor shares were traded alone on Monday.

WallStreetBets, with over 19 million members, is recognized for promoting high-risk trading strategies, frequently targeting significantly shorted stocks that gain community support, making them prone to short squeezes.

The platform played a pivotal role in previous meme stock episodes, most famously during the COVID-19 pandemic fueled by record stimulus payments. Participating stocks like GameStop (GME) and AMC Entertainment (AMC) saw extraordinary gains despite weak underlying fundamentals.

GameStop’s remarkable run led to the company effectively averting bankruptcy and presenting a unique trajectory by evolving into a significant Bitcoin holder, raising billions to invest in the digital asset. Current data indicates GameStop holds 4,710 BTC, ranking as the 17th largest publicly traded Bitcoin investor.

Opendoor’s Financials

Analysts point to comparatively better financial standing compared to many other meme stocks.

The company reported $1.2 billion in revenue for the first quarter, a 2% year-over-year decrease but a 6% increase sequentially, alongside a gross profit of $99 million.

Meme Stocks, Crypto and S&P 500 Rally

Parallel to the meme stock surge, the U.S. stock market has reached record recovery levels alongside crypto’s ascent past a $4 trillion market cap.

Analysts attribute this broad-based rally to renewed investor optimism following a volatile start to the year, underpinned by hopes of easing inflation, potential interest rate cuts this fall, and resilient corporate earnings despite ongoing tariff-related challenges.

According to Jeff Mei, chief operating officer at crypto exchange BTSE, institutional investor confidence in Bitcoin’s long-term growth prospects continues to fuel its momentum.

Furthermore, correlations between stock, crypto, and bond markets, particularly tracking global M2 money supply, persistently draw attention.