"In most speculative trades, a few unsuccessful attempts to buy dips are followed by a rush to the exit," said Vanda about meme-stock buying.
Retail traders are bullish on the stock because of a high short interest and the end of the lockup period.
Millennial investors are jumping back into stocks as portfolios recover and cryptocurrencies sell off.
Renewed interest in meme stocks began with AMC Entertainment in late May and has spread to new names like Wendy's and Clean Energy Fuels.
The 2017 correction was preceded by the rapid rise of lesser known tokens following a peak in the price of bitcoin, similar to what has been seen this year.