Opendoor Technologies has recently gained favor as a meme stock and seen incredible valuation gains, but the company's share price is pulling back today as investors take profits on recent gains. Despite big sell-offs in today's session, the stock is still up 330% over the last month.

WallStreetBets, the infamous subreddit credited with helping to spawn the meme-stock phenomenon, is giving its regular readers a taste of what it was like during the trend’s heyday in early 2021.

Retail investors have begun to pile into speculative bets on small-cap companies in a buildup that resembles the meme stock frenzy of 2021.

The ticker $OPEN has been heavily cited on WallStreetBets, the online forum behind the infamous GameStop mania in 2021.

No one knows where Opendoor stock is headed in the short term, though volatility seems guaranteed. Volatility does create opportunity, but it also increases the risk for catastrophic losses as existing shareholders have experienced with the stock down more than 20% on July 23.

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The latest meme-stock frenzy shows that “market psychology and crowd behavior can sometimes matter more than the numbers,” says Capital.com analyst Daniela Sabin Hathorn

Opendoor Technologies shares surged as much as 24% Tuesday before reversing early gains, as retail investors drove wild swings in the meme stock.