Just when it seemed like meme-mania was dead, Gamestop (GME  ) shares opened more than 10% higher following news that Chairman Ryan Cohen had added to his stake, increasing his ownership of the company to 12.9%.

One of the catalysts for the initial surge in Gamestop's stock was due to Cohen taking a stake as many investors believed that he would be able to replicate his e-commerce success in growing Chewy (CHWY  ) into the premier online pet retailer, beating out Amazon (AMZN  ) in the process. Of course, the gains in Gamestop were exaggerated due to large amounts of the stock being shorted, traders fueled by stimulus payments, and the social media frenzy that had built up around the trade.

Lately, there has been some excitement about its launch of an NFT marketplace. However, the company has made little headway in terms of a transition to e-commerce especially as there's little need for a middle-man for video game sales that will be streaming or through a download.

In total, Cohen bought 100,000 shares. He also tweeted, "I put my money where my mouth is," which got more than 39,000 likes. He has also recently been vocal about short sellers and their negative impact on markets and companies. He also has been vocal about changes at Bed Bath & Beyond (BBBY  ) and recently took a 9.8% stake in the company.

Overall, Gamestop shares are higher by nearly 91% from their lows from last Monday. Even AMC (AMC  ) shares started moving higher on the news. The market is enjoying an explosive rally and is now nearly 8% higher from last Monday's lows. Beaten down stocks across the market are experiencing major bounces after huge losses. Surprisingly, the biggest bounces are seen in meme stocks, most of which are lower by more than 80% from last year's highs.

Only time will tell if this is a bounce that is being extended by short-covering or the start of a new trend.