Meme stocks are quite speculative and generate a lot of social media buzz. GameStop started the trend after it went parabolic for a brief period in 2021. The poster child of meme stocks is now down by more than 30% this year, but it has had some sharp price spikes and drops along the way.
Fortunes can change quickly with meme stocks, as we saw with GameStop in 2021 and Beyond Meat stock earlier this year. A massive short squeeze sent BYND stock from $0.50 per share to above $7 per share within a week, but its stock price has since dropped to around $1 per share.
