Opendoor Technologies (OPEN) shares have surged over 170% in just five trading days, becoming the latest meme stock favored by Reddit's WallStreetBets community. This online real estate platform, once a penny stock, has seen its shares increase by more than 500% in the past month, reaching $3.11. The spike in interest is reflected in trading volumes, which have soared to five times their long-term average, with around 1.9 billion shares traded on a single day. WallStreetBets, with over 19 million members, often targets heavily shorted stocks, leading to potential short squeezes. The meme stock phenomenon gained momentum during the COVID-19 pandemic, driven by retail trading fueled by stimulus payments. Unlike many meme stocks, Opendoor's financials appear more stable, reporting $1.2 billion in revenue for the first quarter, despite a slight year-over-year decline. The current rally in meme stocks coincides with a recovering US stock market and a rising crypto market, reflecting renewed investor confidence. Read more AI-generated news on: https://app.chaingpt.org/news