1. PSKY shares surged nearly 40% after Jim Cramer labeled it a 'meme stock.' 2. Trading volume increased from 40.6 million to 130.9 million on the meme news. 3. Cramer's tweet emphasized PSKY's small float, typical of meme stocks. 4. Meme stocks often rise based on social media hype rather than fundamentals. 5. Other meme stocks include GameStop, indicating PSKY's volatile potential.
Such notable endorsement from Jim Cramer typically leads to continued buying interest. Historical instances show meme stocks often sustain high volatility and price spikes due to similar endorsements.
The surge in PSKY's price is directly linked to increased trading activity and public momentum sparked by Cramer's comments. The reaction indicates strong interest which can drive price movements.
Momentum from the meme stock phenomenon tends to experience short-lived spikes as seen with GameStop and AMC. Traders may rapidly capitalize on hype before corrections occur.