Shares of Opendoor Technologies Inc (OPEN) surged 8.10% on Monday, continuing a remarkable rally that has seen the stock more than double in value over the past week. The sudden interest in the online real estate platform appears to be driven by a combination of meme stock enthusiasm, social media promotion, and speculation about a potential turnaround.

The stock's meteoric rise can be traced back to July 14, when Eric Jackson, founder of EMJ Capital, began touting Opendoor on social media platform X. Jackson's bullish stance, which includes a long-term price target of $82 per share, has ignited enthusiasm among retail investors. This has led to comparisons with other meme stocks like GameStop and AMC Entertainment, which saw similar surges of retail investor interest in the past.

Monday's trading was particularly intense, with over 1.8 billion shares changing hands - a record for Opendoor and significantly higher than the company's public float of about 634 million shares. Options activity also hit record levels, with bullish call options outnumbering bearish puts by nearly 2-to-1. The high short interest in Opendoor, recently reported at over 20% of the float, may be contributing to a potential short squeeze, further fueling the stock's rise. Despite the impressive gains, investors should approach with caution, as the stock remains well below its all-time highs and the company continues to face challenges in the volatile housing market.