Americans are showing renewed interest in meme stocks, as indicated by Google search queries.
Notably, web searches for the term ‘meme stocks’ in the United States have surged by 614%, jumping from a score of 14 on July 9 to the maximum value of 100 by July 23, according to Google Trends data retrieved by Finbold.
This spike follows a prolonged period of near-zero interest throughout most of the past month. Among U.S. states, California, Connecticut, and New York lead in search volume.
The current meme stock rally is once again being driven by retail investor enthusiasm on social media, similar to the 2021 GameStop (NYSE: GME) frenzy, fueled by high short interest and speculative momentum.
2025 meme stock frenzy
The latest surge, particularly in stocks like Kohl’s (NYSE: KSS) and Opendoor (NASDAQ: OPEN), has been amplified by rising chatter on Reddit and X.
In this case, on Tuesday, Kohl recorded a 90% intraday surge despite “no confirmed catalyst.” On the other hand, Opendoor’s spike was linked to bullish sentiment on Stocktwits, with high trading volume signaling what some called a “mini-bubble.”
At the close of trading on Tuesday, Kohl’s stock ended the day up nearly 38% at $14.34. Opendoor, which had opened up 20%, reversed course and closed down about 10%. Despite the drop, OPEN remains up roughly 150% over the past week.
In Kohl’s case, a likely trigger was a short squeeze, with nearly 50% of its shares sold short as of late June, forcing bearish traders to buy back shares and pushing prices higher.
The broader meme stock revival comes in the wake of strong overall market sentiment. Currently, Wall Street is buoyed by record-breaking equity rallies, crypto-friendly legislation, and optimism surrounding global trade agreements.
Meanwhile, investor interest in mega-cap tech stocks appears to be waning, prompting some retail traders to pivot toward high-risk, high-reward plays.
Featured image via Shutterstock
