Shares in beaten-down cryptocurrency exchange Coinbase have torn higher this week. Investors are likely witnessing a “short squeeze” that is driving the stock higher — similar to GameStop’s eye-popping stock rocket during the “meme stock” trading frenzy of early 2021.

Coinbase opened at $60.96 a share on 1 August and traded above $116 at points early 4 August, a staggering rally of 90%. The move higher has largely come from price action on 3 August, when the stock jumped 20%, and 4 August, with the shares last up another 18%.