Opendoor Technologies Inc (OPEN) saw its stock soar 9.94% in Tuesday's pre-market trading, continuing its remarkable ascent that has captivated investors in recent days. This surge follows a staggering 43% gain on Monday, as the real estate technology company finds itself at the center of a new meme stock phenomenon.

The recent rally in Opendoor's stock has been nothing short of explosive. Over the past six trading sessions, the company's shares have skyrocketed by an astounding 312%. This dramatic rise has been fueled by a combination of factors, including high short interest, increased retail investor attention, and social media buzz.

A key catalyst for this movement appears to be an endorsement from Eric Jackson, founder of Toronto-based hedge fund EMJ Capital. Jackson's bullish stance on the stock, shared on social media platform X, has helped spark an explosion of retail interest in Opendoor. This surge in interest has led to unprecedented trading volumes, with Monday's session seeing 1.9 billion shares changing hands – nearly 10% of the entire day's trading volume in the U.S. stock market.

The options market has also played a significant role in Opendoor's rapid ascent. On Monday, the company's call option volume exceeded 2 million contracts, marking the third-highest single-day call option volume for an individual U.S. stock this year. This surge in options activity has further amplified the stock's upward momentum as market makers buy shares to hedge their positions.

However, investors should approach this rally with caution. Opendoor's fundamental business challenges remain, including its struggle to achieve profitability and the broader slowdown in the U.S. housing market. The company has not reported a profitable fiscal year since its IPO in December 2020, and before this recent surge, the stock had fallen 51% year-to-date.

As Opendoor continues its volatile journey as the latest meme stock, market observers are drawing parallels to the retail investor frenzy seen in stocks like GameStop and AMC Entertainment in recent years. The coming days will likely determine whether this remarkable rally has staying power or if it's a short-lived speculative bubble.