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What Are Meme Stocks and 5 of the Top Stocks to Watch Right Now

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Written by Timothy Sykes
Updated 5/20/2024 21 min read

Meme stocks are stocks being traded because of Reddit posts and Twitter / X memes more than their underlying value. Because of this explosive volatility they’re interesting to smart traders, a lot like the penny stocks that I’ve made $7.6 million in my career trading.

As traders in 2024, it’s important to know what meme stocks are and which ones are worth watching.

These stocks can make wild moves! Who knew that an army of Reddit traders could take out hedge funds? That’s exactly what we saw happen with GameStop (NYSE: GME). We’ve never seen that before.

Somewhere in there, these trigger-happy traders figured out how to organize.

They learned that they could work together and beat Wall Street at its own rigged game. Their tools are memes, hot sector mania, and the short squeeze.

While I don’t want my students to act like meme traders, there’s plenty of value in knowing what they’re watching.

Right now, these stocks are at the top of the list …

Table of Contents

5 Meme Stocks To Watch This Week

Stock TickerCompanyPerformance (YTD)
NYSE: AMCAMC Entertainment Holdings Inc- 27.50%
NYSE: GMEGameStop Corp+ 26.39%
NASDAQ: CYNCyngn Inc+ 4.14%
NASDAQ: FFIEFaraday Future Intelligent Electric Inc+ 181.67%
NASDAQ: LIDRAeye Inc+ 23.36%

What Are Meme Stocks?

The meaning of meme stocks is sort of self-explanatory: hyped-up stocks that perform well … But from a fundamental perspective, they shouldn’t do well at all.

Reddit forums and social media hype drive meme stocks. Speculators on X and Reddit united together to trade their favorite companies in hopes of driving them “to the moon.”

It may not be fair to call them speculators. These hype beasts want to buy and hold stocks of companies that might not have a great long-term outlook.

Brokerages like Robinhood helped level the playing field with apps and ‘easier’ access. That’s giving retail traders more opportunity. Robinhood traders can buy with just a few clicks on their smartphones and use partial positions to buy chunks of stocks.

And it’s helped create meme stock madness.

The craze took off in 2021 when Reddit users noticed heavy short interest in Gamestop. The Reddit users took Gamestop from glorified penny stock to goliath in weeks.

Since then, more companies — and more meme traders — joined the mix.

Heavy shorting is often a characteristic of meme stocks. Traders who loathe big money and hedge funds discovered that they can pool their money together…

That’s how they run the bigger money out of town. Or at least out of short positions.

New money flows into stocks, pushing them higher. In some cases, hedge funds are forced to cover short positions before losing billions of dollars. This is called a short squeeze.

There’d be no meme stocks without Reddit and WallStreetBets. A collective group like that can create serious damage…

Meme Stocks to Watch

My top meme stock recommendations to watch right now are:

  • NYSE: AMC — AMC Entertainment Holdings Inc — The Meme Stock Winner That Jack Crushed
  • NYSE: GME — GameStop Corp — The Supernova Meme Stock With the Roaring Kitty Catalyst
  • NASDAQ: CYN — Cyngn Inc — The AI-Powered Autonomous Vehicle Penny Stock
  • NASDAQ: FFIE — Faraday Future Intelligent Electric Inc — The 7,000% Meme Stock Winner That Jack Nailed
  • NASDAQ: LIDR — Aeye Inc — The Hot Sector Technology Stock With a New Deal

I try to focus on the momentum that I can see with my eyes. I’m not going to speculate on future moves.

The key is to approach every day the same. Be prepared to capitalize on volatility.

I let the trades come to me.

That’s why I’m not holding any long-term positions in these tickers.

I’m just watching these stocks. And this is one of many watchlists I maintain …

Sign up here to get my weekly watchlist each Sunday!

There’s no guarantee that any of my watchlist picks will be tradeable. But if something happens, smart traders should be ready.

Meme Stock To Watch #1. AMC Entertainment Holdings Inc (NYSE: AMC) — The Meme Stock Winner That Jack Crushed

My first meme stock pick is AMC Entertainment Holdings Inc (NYSE: AMC).

Jack Kellogg is one of my most successful students.

He joined the Trading Challenge in 2017 after graduating high school. And in 2020, during the initial meme-stock craze, he passed the $1 million milestone.

Jack didn’t stop there …  Currently, he’s sitting at $12.6 million in trading profits (that includes his losses).

There’s no telling what his account could look like at the end of 2024. We’re in a HUGE meme-stock resurgence right now.

Already, Jack’s been banking on some of the biggest runners in the market. AMC is a prime example. It’s a legendary meme-stock runner from 2020 and 2021.

On Sunday, May 12, meme-stock trader, Keith Gill posted a cryptic image to X. The price spiked the next day, Monday, May 13, as a direct result.

I covered the whole story in this blog post.

You have to understand that a resurgence of one meme stock can affect the whole sector. AMC wasn’t the only meme stock to spike. It’s a huge sympathy play in the sector …

Jack experienced this volatility once before, a few years ago when he crossed $1 million in profits.

And now he’s ready to bank again. Take a look at two of his trades below:

Starting stake of $3,599,367:

Source: Profit.ly

Starting stake of $462,745:

Source: Profit.ly

AMC passed $11 per share on May 14. It spiked 300% before pulling back.*

But back in 2021, AMC spiked past $60 …

(The yearly chart shows AMC spiked much higher because of a reduction in the total share count. It’s a ratio issue.)

There’s no telling how high the price could spike.

Wait for the chart to match one of the patterns within our trading framework. Trading without a plan is dangerous.

And traders who take a big loss on this HUGE trade opportunity will feel pretty silly … To say the least.

Meme Stock To Watch #2. GameStop Corp (NYSE: GME) — The Supernova Meme Stock With the Roaring Kitty Catalyst

My second meme stock pick is GameStop Corp (NYSE: GME).

You’ve probably heard about the GameStop spike in 2020 and 2021.

It was one of the most remarkable moves the market had seen in years. As evidenced by the lack of understanding from major media sources lolol.

My students and I knew exactly what was happening … And in 2024 it’s happening all over again.

Let me explain:

GME and AMC don’t deserve to spike +100%. These are horrible companies with horrible financials.

Because the stocks are crap, a lot of major Wall Street players were shorting them. It’s a good strategy: Short stocks that are crap and the price will probably drop.

There’s One Major Issue

If there are too many short sellers in a stock, the strategy can become overcrowded.

When some short sellers exit, they buy-to-cover, and the momentary bullish momentum can cause a domino effect of short sellers blowing up.

It looks like a massive stock spike that traders are banking off of. But in reality, it’s mostly short sellers blowing up. Except for a select few traders savvy enough to profit off the common price action. Like me and my students.

We knew GME was going to run after the Roaring Kitty social media post by Keith Gill. This catalyst sounds abstract, lolol. Again, I covered the whole thing in THIS blog post.

Jack banked off of GME just like AMC. The spike got to 270%  before pulling back…*

Take a look at his trade below, with a starting stake of $249,873:

Source: Profit.ly

And just like AMC, there’s no telling how high GME could spike.

It’s still below the highs from 2021 …

FOMO is a powerful emotion. Everyone who missed out on GME last time is likely itching to bank this time around.

It’s very possible the true GME spike is yet to come.

We’re tracking these meme stocks LIVE every day. Don’t risk your hard earned cash on a massive profit opportunity like this. Follow the process that we use to profit.

>> Join The Next Trading Live Stream <<

Take notes from professionals like Jack Kellogg and myself.

Meme Stock To Watch #3. Cyngn Inc (NASDAQ: CYN) — The AI-Powered Autonomous Vehicle Penny Stock

My third meme stock pick is Cyngn Inc (NASDAQ: CYN).

Artificial intelligence is still one of the hottest sectors in the market.

  • Meme stocks are hot because of the hype.
  • AI stocks are hot because the sector actually adds value to the market.

On May 16, CYN announced it significantly scaled up the business’ efforts to create an autonomous driving solution.

The stock spiked 120% that day as a direct result. And currently, the price shows signs of consolidation.

Stocks that move sideways after a volatile spike CAN spike higher.

Make sure you have a good understanding of support and resistance lines!

These are the levels that a stock uses to move sideways. And they can give us hints about profitable setups.

See my video below:

We can build positions above support in hopes that the price will break through upper resistance.

Meme Stock To Watch #4. Faraday Future Intelligent Electric Inc (NASDAQ: FFIE) — The 7,000%* Meme Stock Winner That Jack Nailed

My fourth meme stock pick is Faraday Future Intelligent Electric Inc (NASDAQ: FFIE).

You don’t need to be a professional trader to profit off of these moves.

Jack is one of the best traders in our community. But there are A LOT of people profiting right now who might not be as successful as Jack.

See one of my student’s posts on X that I reposted below. They traded another hot stock, Crown Electrokinetics Corp. (NASDAQ: CRKN):

Source: X

Jack’s success is something to strive for.

Here’s one of the trades that Jack made on FFIE, with a starting stake of $56,700:

Source: Profit.ly

Most small-account traders don’t have $50k to put toward a stock.

That’s OK.

CRKN never traded above $1. And FFIE is currently trading under $2 … You could start with $100 in your account. Heck, you could start with $10.

That’s the beauty of this niche: Massive percent gains are accessible for traders with small accounts.

Even for brand new traders, there are opportunities to profit …

Here’s how you can capitalize:

Thanks to the emergence of AI in 2023, I was able to build an AI bot capable of following my trade process. The same process all of my millionaire students and I use to profit.

The first week of the FFIE stock spike, my AI bot, called XGPT, alerted four different profitable trade entries!

See the chart below, every candle represents one trading minute:

FFIE chart multi-day, 1-minute candles Source: StocksToTrade

>> Get the next top AI stock pick <<

You don’t need to be an expert.

You need to follow the rules.

Meme Stock To Watch #5. Aeye Inc (NASDAQ: LIDR) — The Hot Sector Technology Stock With a New Deal

My fifth meme stock pick is Aeye Inc (NASDAQ: LIDR).

This company announced a new partnership with LITEON on May 9 during after hours. The agreement will give LIDR an increased customer channel and a business partnership capable of growing its industrialization of autonomous vehicles.

The next day, on May 10, stock prices started to spike. The move currently measures over 280%.* And the price is consolidating, it’s a hint that it could continue higher.

Another important factor to note is the stock’s float.

The float shows the total number of shares available for traders to buy and sell in the market. Anything below 10 million shares is regarded as a low float. It can also be thought of as a low supply.

Whenever there’s an asset with a low supply, the price can spike higher when demand increases.

The business partnership from May 9 acts as a catalyst that increases demand for the stock. And the low float can help the price spike higher.

*Past performance does not indicate future results

Get My Watchlist Every Week

Want the most watch-worthy stocks for the week ahead delivered to you at no cost every Sunday? Sign up for my weekly watchlist here! 

I will send you the top five stocks on my radar. I use my StocksToTrade scans to spot tickers with the potential to make big moves for the week. It’s all to help you prep for the week and learn to spot the right stocks for your strategy.


That’s a wrap on my five top meme stocks to watch. It sure has been a fun ride this year, watching stocks that have NO BUSINESS doing well run to the moon.

Some people hate it. I understand that. It’s easier for retail traders to be active in the market now. That means more shenanigans in the market.

Meme stocks may soon fade forever … or they may never die. Either way, more money in the market is a good thing for every prepared trader. That means more opportunities to make money!

Many of these stocks will come and go, but some will stick around for the long haul. GameStop and AMC have stuck around far longer than many of us anticipated. I know I’ll be watching to see which stocks join them next…

What’s your experience trading meme stocks? What do you think of the show? Let me know with a comment below!

Meme Stock FAQs

What Are Meme Stocks and How Do They Differ From Traditional Stocks?

Meme stocks are shares of companies that gain popularity due to social sentiment and online discussions rather than their financial fundamentals. These stocks often experience a stock frenzy driven by retail investors on platforms like investment subreddits. Unlike blue-chip stocks, meme stocks’ prices can be highly volatile and influenced by social media trends and collective actions of meme-stock investors.

How Do Retail Investors Influence Meme Stocks?

Retail investors play a significant role in driving the stock craze around meme stocks. Through commission-free trading platforms and social media, they can quickly mobilize and create a stock rally. This collective action can lead to sharp increases in share prices over a short period of time, often detached from the company’s financial health or business model.

What Are Some Popular Meme Stocks and Their Impact?

Popular meme stocks include companies like AMC Entertainment Holdings, Inc., and GameStop Corporation, which have seen dramatic price movements fueled by retail trading. These stocks often attract attention due to their significant trading volume and the viral nature of online discussions. The initial meme stock craze highlighted how social sentiment could drastically impact market prices and trading strategies.

Why Is Social Sentiment Crucial for Meme Stocks?

Social sentiment is crucial for meme stocks as it drives investor behavior and stock prices. Platforms like Twitter, Reddit, and Truth Social facilitate the rapid spread of investment ideas and views, influencing the stock market. Companies like Trump Media & Technology Group have also been impacted by social sentiment, showing the power of collective online discussions.

What Role Do Institutional Investors and Advisory Firms Play in Meme Stocks?

Institutional investors and advisory firms like hedge firms and Bradley, Foster & Sargent typically approach meme stocks with caution due to their volatility and reliance on social sentiment. These firms analyze company fundamentals and financial attributes before investing, contrasting with the rapid, sentiment-driven actions of meme-stock investors. Their involvement can stabilize or further drive the market frenzy, depending on their investment strategy.

How Do Brokerage Services and Financial Advisors Approach Meme Stocks?

Brokerage services and financial advisors help clients navigate the complexities of meme stocks by providing insights into investment risk and strategy. Firms like SoFi Invest and SoFi Wealth LLC offer advisory services that consider both the potential high returns and significant risks associated with meme stocks. Financial advisors guide investors on balancing their portfolios and understanding the long-term implications of investing in such volatile assets.

What Are the Financial Fundamentals of Meme Stocks?

While meme stocks gain popularity based on social sentiment, their financial fundamentals often tell a different story. Analyzing key figures like shares outstanding, trading volume, and financial statements can provide a clearer picture of a company’s actual performance. This contrasts with the market price driven by online hype, helping investors make more informed decisions.

How Do Investment Vehicles Like ETFs and Mutual Funds Handle Meme Stocks?

Exchange-traded funds (ETFs) and mutual funds typically include a diverse range of assets to mitigate risk, but some may allocate a portion to meme stocks. Firms like Roundhill Investments might include popular meme stocks to capitalize on their high returns, balancing them with more stable investments. This strategy caters to investors looking for exposure to meme stocks without the full risk of individual stocks.

What Are the Long-term Implications of Investing in Meme Stocks?

Investing in meme stocks can offer high returns but comes with significant risk due to their volatility and reliance on social sentiment. Investment experts suggest that while meme stocks can be part of a diversified portfolio, relying heavily on them can lead to substantial losses. Investors should consider their investment objectives and strategy, focusing on long-term financial health rather than short-term gains.

How Do Market Conditions Affect Meme Stocks?

Market conditions, including broader economic trends and specific sector performance, can significantly impact meme stocks. For example, changes in currency exchange rates and the performance of industries like the energy sector or electric vehicles can influence meme stocks’ prices. Investors need to monitor these conditions to anticipate potential impacts on their meme stock investments.

What Are the Risks Associated With Meme Stocks?

Meme stocks come with high investment risk due to their volatility and susceptibility to rapid price changes driven by social media. Traditional investors and active traders alike must be cautious of these risks, understanding that meme stocks can experience significant losses as quickly as they gain. Using tools like robo-advisors and consulting with financial advisors can help mitigate these risks.

How Do Financial Markets and Stock Pools Influence Meme Stocks?

Financial markets and stock pools can amplify the effects of meme stocks by increasing liquidity and trading volume. These mechanisms allow for rapid buying and selling, which can lead to exaggerated price movements. Understanding how stock pools and market dynamics work can help investors navigate the complexities of meme stocks.

What Role Do Financial Publications Play in the Meme Stock Phenomenon?

Financial publications like the Wall Street Journal and Financial Times provide critical analysis and insights into the meme stock phenomenon. Their editorial policy often focuses on the financial health and underlying fundamentals of companies, offering a counterpoint to the social media-driven hype. Reading these publications helps investors make more informed decisions.

How Do Special Purpose Acquisition Companies (SPACs) Relate to Meme Stocks?

Special Purpose Acquisition Companies (SPACs) can become meme stocks when they merge with high-profile companies and attract significant social media attention. SPACs like Virgin Galactic have seen stock rallies due to their association with popular sectors and influential figures. Understanding the structure and purpose of SPACs is essential for investors interested in meme stocks.

What Are the Unique Characteristics of Meme-Stock Companies?

Meme-stock companies often have unique characteristics that make them attractive to retail investors. These include strong social media presence, recognizable brands, and the ability to generate significant public interest. Companies like GameStop and AMC Entertainment embody these traits, leading to their status as meme stocks.


Author card Timothy Sykes picture

Timothy Sykes

Tim Sykes is a penny stock trader and teacher who became a self-made millionaire by the age of 22 by trading $12,415 of bar mitzvah money. After becoming disenchanted with the hedge fund world, he established the Tim Sykes Trading Challenge to teach aspiring traders how to follow his trading strategies. He’s been featured in a variety of media outlets including CNN, Larry King, Steve Harvey, Forbes, Men’s Journal, and more. He’s also an active philanthropist and environmental activist, a co-founder of Karmagawa, and has donated millions of dollars to charity. Read More

* Results are not typical and will vary from person to person. Making money trading stocks takes time, dedication, and hard work. There are inherent risks involved with investing in the stock market, including the loss of your investment. Past performance in the market is not indicative of future results. Any investment is at your own risk. See Terms of Service here

The available research on day trading suggests that most active traders lose money. Fees and overtrading are major contributors to these losses.

A 2000 study called “Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors” evaluated 66,465 U.S. households that held stocks from 1991 to 1996. The households that traded most averaged an 11.4% annual return during a period where the overall market gained 17.9%. These lower returns were attributed to overconfidence.

A 2014 paper (revised 2019) titled “Learning Fast or Slow?” analyzed the complete transaction history of the Taiwan Stock Exchange between 1992 and 2006. It looked at the ongoing performance of day traders in this sample, and found that 97% of day traders can expect to lose money from trading, and more than 90% of all day trading volume can be traced to investors who predictably lose money. Additionally, it tied the behavior of gamblers and drivers who get more speeding tickets to overtrading, and cited studies showing that legalized gambling has an inverse effect on trading volume.

A 2019 research study (revised 2020) called “Day Trading for a Living?” observed 19,646 Brazilian futures contract traders who started day trading from 2013 to 2015, and recorded two years of their trading activity. The study authors found that 97% of traders with more than 300 days actively trading lost money, and only 1.1% earned more than the Brazilian minimum wage ($16 USD per day). They hypothesized that the greater returns shown in previous studies did not differentiate between frequent day traders and those who traded rarely, and that more frequent trading activity decreases the chance of profitability.

These studies show the wide variance of the available data on day trading profitability. One thing that seems clear from the research is that most day traders lose money .

Millionaire Media 66 W Flagler St. Ste. 900 Miami, FL 33130 United States (888) 878-3621 This is for information purposes only as Millionaire Media LLC nor Timothy Sykes is registered as a securities broker-dealer or an investment adviser. No information herein is intended as securities brokerage, investment, tax, accounting or legal advice, as an offer or solicitation of an offer to sell or buy, or as an endorsement, recommendation or sponsorship of any company, security or fund. Millionaire Media LLC and Timothy Sykes cannot and does not assess, verify or guarantee the adequacy, accuracy or completeness of any information, the suitability or profitability of any particular investment, or the potential value of any investment or informational source. The reader bears responsibility for his/her own investment research and decisions, should seek the advice of a qualified securities professional before making any investment, and investigate and fully understand any and all risks before investing. Millionaire Media LLC and Timothy Sykes in no way warrants the solvency, financial condition, or investment advisability of any of the securities mentioned in communications or websites. In addition, Millionaire Media LLC and Timothy Sykes accepts no liability whatsoever for any direct or consequential loss arising from any use of this information. This information is not intended to be used as the sole basis of any investment decision, nor should it be construed as advice designed to meet the investment needs of any particular investor. Past performance is not necessarily indicative of future returns.

Citations for Disclaimer

Barber, Brad M. and Odean, Terrance, Trading is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors. Available at SSRN: “Day Trading for a Living?”

Barber, Brad M. and Lee, Yi-Tsung and Liu, Yu-Jane and Odean, Terrance and Zhang, Ke, Learning Fast or Slow? (May 28, 2019). Forthcoming: Review of Asset Pricing Studies, Available at SSRN: “https://ssrn.com/abstract=2535636”

Chague, Fernando and De-Losso, Rodrigo and Giovannetti, Bruno, Day Trading for a Living? (June 11, 2020). Available at SSRN: “https://ssrn.com/abstract=3423101”