The recent revival in meme stocks, evident in today’s 25% surge in Krispy Kreme, could reflect both a targeting of investors betting against the bull market and the impact of passive investment strategies that have sapped liquidity and stoked volatility.

Some investor enthusiasm faded for the latest meme stock rally on Wednesday, with shares in heavily shorted Krispy Kreme and GoPro coming off earlier highs, a day after retail investors had piled into the shares of department store company Kohl's.

Krispy Kreme and action camera company GoPro have joined the meme stock rally as their shares surge. Like the shares of Opendoor and Kohl’s, both Krispy Kreme and GoPro were heavily cited by users of the wallstreetbets subreddit. The meme stock rally is back and gathering steam.