Meme Stocks Have Changed — But They’re Not Gone
It’s not 2021 anymore. The Reddit-fueled chaos of that winter feels distant. But this summer, meme stocks are staging a new run — and the names are different. Instead of GameStop and AMC leading the charge, the spotlight has shifted to Krispy Kreme (DNUT), Kohl’s (KSS), Wendy’s (WEN), and GoPro (GPRO).
Each of these companies saw sharp price spikes in July 2025, driven by a familiar mix of retail enthusiasm and short interest. The movements came quickly, with little fundamental news to justify the action. But in today’s market, that’s no longer surprising. The GameStop era may have passed, but its influence remains.
Why Krispy Kreme, Kohl’s, Wendy’s, and GoPro?
These companies have a few things in common. First, they’re recognizable brands. Retail traders like trading what they know — and a chain of donut shops or a camera company with viral appeal fits the bill.
Second, they’ve become battleground stocks for short sellers. According to MarketWatch, Kohl’s short interest stood above 15% in early July, while GoPro was also heavily shorted as concerns about demand dragged on expectations. Wendy’s appeared prime for memeification with an attractively low share price. All of this created the potential for short squeezes once prices started to climb.
Krispy Kreme, on the other hand, attracted attention after a short report earlier this year clashed with better-than-expected quarterly earnings. That tension led to a price spike in late June and put DNUT on the meme stock radar. Its relatively low float and cult-like brand loyalty made it an ideal candidate for viral trading attention.
What’s Fueling This Round?
The mechanics are familiar, but the environment is different. In 2025, the meme stock resurgence is fueled less by online forums and more by algorithmic momentum, real-time sentiment analysis, and frictionless mobile trading.
Retail trading volume has remained strong through the summer, according to Fidelity and Charles Schwab trading dashboards. Many traders are leaning into low-float names as a way to capture short-term alpha while broader markets move sideways. Social media still plays a role, but TikTok and X have replaced Reddit as the main engines of meme stock buzz.
There’s also a broader market dynamic at work. The Federal Reserve has maintained its cautious stance, but inflation is trending lower and rate cuts are still on the table for late 2025. That’s made investors more comfortable taking risks, especially younger traders less focused on fundamentals and more tuned into sentiment and price action.
The Appeal of “Buy the Dip”
Part of the meme stock momentum comes from simple math. Stocks like Kohl’s and GoPro have been battered over the past two years. When prices fall far below pandemic highs, many retail traders interpret the discount as an opportunity. “Buy the dip” remains a powerful mindset, especially for those who missed earlier rallies.
But there’s a difference between a discounted asset and a struggling business. GoPro, for example, has faced consistent challenges around product cycle innovation and revenue growth. Kohl’s has dealt with weak margins and shifting retail demand. Wendy’s stock has been falling steadily since last November and currently sits lower than any time in the pandemic. These aren’t high-growth stories, they’re value plays with speculative upside. Meme stock traders don’t always make that distinction.
Is This Just a Summer Spike?
It’s too early to say whether this new wave of meme stock enthusiasm has staying power. Some analysts suggest these moves are short-lived, fueled by coordinated trading and algorithmic tailwinds. Others argue that the return of retail-led volatility points to a broader shift in how stocks are priced at the margin.
Either way, this recent run shows that the ghost of GameStop is still present. Not in the specific names being traded, but in the mindset of the traders driving the action. Retail investors are once again asserting their influence, betting on volatility, and creating price moves that traditional models can’t easily explain.
Final Word
Meme stocks in 2025 aren’t a repeat of 2021 — they’re a remix. Traders are smarter, platforms are faster, and the stocks catching fire are more diverse. But the underlying behavior remains. Traders are still chasing attention, volatility, and narrative. And for the right stock, under the right conditions, that’s still enough to move the market.
Looking for more than momentum?
At Michael Leslie Investments, we build portfolios that balance risk and return—without chasing hype. If you’re looking to invest with purpose, not speculation, schedule a call today to get a personalized investment plan.
Stay Tuned
Michael Leslie Investments founder Michael Silver wrote an upcoming book detailing his experience during the first round of meme stocks, how to profit from these crazes, and lessons learned. Get on the waiting list to be the first to know when it’s released.
