As the "meme" stock craze that swept the market earlier this week fades, GMEcrashnsane.US) and AMC theaters (AMC.US) fell for the second consecutive day. Before the market on Thursday, Game Station fell as much as 18.28%, while AMC fell 16.06%crashnsaneAs of press time, Game Station fell 14%, and AMC fell 6%.

In the first two days of the week, these stocks were affectedcrashnsaneMeme traders were enthusiastic about it, but on Wednesday, that momentum waned, and the ensuing plunge wiped out the stock's $11 billion market value.

Matthew Tuttle, chief executive of Tuttle Capital Management, said: "Without fundamental support, it is difficult to remain high without constant inflows of investment."

The sharp volatility is reminiscent of the heyday of meme shares in early 2021, when retail traders seized opportunities from Game Station and AMC and pushed both stocks to record highs. Keith Gill became famous in 2021 when he called on traders on Reddit to besiege Game Station. Last Sunday, a post posted on his X account triggered another wave of "meme" shares.

This week's large fluctuations have made short sellers uneasy, but compared with the popularity of 2021, this week's fluctuations have been quite mild. In January 2021, Game Station surged by more than 1600%, and the stock has not yet regained the highest price set at that time.

Tuttle said,"After the epidemic,crashnsaneAll you hear about is HODL(which means "HOLD" holds) and diamond hands, and I think it's all over, they're smarter and understand how to trade these."

According to analyst estimates, AMC, which is not expected to be profitable until the holiday quarter, is currently trading at 1,500 times its 12-month expected forward earnings, the highest number among U.S. stocks with market capitalizations of more than $1 billion, according to compiled data.

In addition, AMC has taken advantage of the situation to cash in and announced that it has completed the previously announced on-site share offering and has reached a private stock exchange and debt reduction agreement.

Sophie Lund Yates, chief equity analyst at Hargreaves Lansdown, said: "Valuations are still artificially inflated, but these large one-day swings remind investors of the dangers of engaging in speculative trading."