Meme traders are at it again, this time setting their sights on new stocks to pump up. Reddit-obsessed retail traders have turned their attention to GoPro and Krispy Kreme, causing shares to surge by 15% and 5% respectively in Wednesday’s trading session. It seems like they have moved on from their previous obsession, OpenDoor, which saw its shares plummet by 22% after a speculative frenzy.
Both GoPro and Krispy Kreme are considered penny stocks, with GoPro trading below $1 consistently this year and Krispy Kreme selling for around $4 per share. According to FactSet, Krispy Kreme has 28% of its float shares sold short, while GoPro has about 10%. These two stocks have been heavily discussed on WallStreetBets, the online forum that was behind the GameStop craze in 2021.
One post on WallStreetBets simply reads “YOLO DNUT,” with “YOLO” standing for “you only live once,” a phrase used to describe a high-risk, all-in trading strategy.
The speculative frenzy surrounding these stocks coincides with a record-setting rally in the broader market, with the S&P 500 closing at another all-time high on Tuesday, bringing its 2025 gains to over 7%.
Analysts attribute this junk rally to the removal of downside risks to U.S. GDP with the passage of the OBBB bill, hopes for multiple Fed rate cuts, stronger-than-expected U.S. economic data, and tariff news that was not as bad as feared, according to Wolfe Research.
As meme traders continue to drive up the prices of these stocks, it remains to be seen how long the excitement will last and whether these companies can sustain their newfound momentum. But for now, all eyes are on GoPro and Krispy Kreme as the latest darlings of the meme trading community.
