In a surprise turn of events, the recent meme stock frenzy that engulfed GameStop and AMC also impacted smaller meme-related equities, resulting in significant gains for some companies. One such example is the EV-related startup Faraday Future, whose stock skyrocketed an astounding 2,000% over the past five days, peaking with a 122% surge on Friday before eventually entering negative territory.

Faraday Future's meteoric rise caught the attention of retail traders and online communities, with the stock being the third-most-mentioned entity on Reddit's WallStreetBets forum, trailing only the SPDR S&P 500 ETF and Nvidia, as per data from Thinknum. It seems that investors are once again targeting stocks with high short interest, as Faraday Future's short interest accounts for about 92% of its float.

Not the only one experiencing volatility, other heavily shorted stocks such as Crown ElectroKinetics and Greenwave Technology Solutions also witnessed substantial gains. Crown ElectroKinetics, an Oregon-based smart glass micro-cap company, notched an impressive 325% increase over the past five days. On the other hand, Greenwave Technology Solutions, a small metal recycling company from Virginia, saw its stock surge by over 280% for the week.

MicroCloud Hologram, a solar company, also joined the bandwagon, registering an 8% increase on Friday while GameStop and AMC were struggling. The micro-cap company ended the week with a notable 21% gain.

The meme stock phenomenon, sparked once again by the re-emergence of Keith Gill, also known as "Roaring Kitty," who played a pivotal role in the GameStop rally of 2021, has been met with mixed sentiments from market analysts. Some anticipate that this week's wave of meme-driven trading will be short-lived, considering the high levels of sentiment extremes observed. Peter Atwater, president of Financial Insyghts and adjunct professor William & Mary, noted that this trend may serve as a mood indicator, signaling a potential market pullback on the horizon.

As the week concluded, GameStop filed to sell 45 million new shares of common stock, which led to a dramatic nearly 20% drop in their stock price. Additionally, the company disclosed that preliminary sales for the last quarter were lower compared to the same period last year. Despite these developments, GameStop managed to conclude the week with a 27% gain. AMC, another stock caught up in the meme frenzy, recorded an impressive surge of over 50% over the past five days.

While GameStop and AMC continued to grab the headlines, it's clear that the meme craze extended far beyond these well-known entities, propelling smaller stocks into the spotlight. The rollercoaster ride experienced by Faraday Future, Crown ElectroKinetics, Greenwave Technology Solutions, and MicroCloud Hologram showcases the unpredictable nature of the meme-driven trading trend, leaving investors on edge as they anticipate what lies ahead.

Ines Ferre, a senior business reporter for Yahoo Finance, closely observes these developments, shedding light on the ever-evolving landscape of meme stocks and their impact on the market.