Even as Opendoor and Kohl’s stalled, two other stocks were taking up the meme-trade mantle on Wednesday. Shares in doughnut chain Krispy Kreme surged 20% ahead of the opening bell, and mortgage lender Rocket jumped 14%. Both have significant short interest and have drawn interest on WallStreetBets in recent days.

Small investors piled into Kohl's Tuesday and sent shares flying upwards as the department store retailer became the latest business caught up in a stock market frenzy.

While many pencils are certainly in action, the prevailing narrative in the equity market has once again been hijacked by traders who couldn’t care less about the nitty-gritty of the stocks they’re buying.