Having crept higher in recent days, both Gamestop and AMC, the two most popular meme stocks which shook the hedge fund industry in February when several prominent hedge funds suffered massive losses on their shorts, have exploded higher today, with GME up as much as 18%...

... and AMC close behind, up 14%.

The move may be a ramp in sympathy because while GME short interest is a pale shadow of its former glorious self...

... AMC's short interest has soared back to all time highs.

Whatever the reason behind the buying frenzy, volumes are massive: more than 123 million shares of AMC had changed hands by 2:35 p.m. in New York, making it the second most traded stock with a value greater than $1; 8 million shares of GME had traded, more than double what's been seen over the past 10 sessions.

Helping the spike is the resurgence of positive mentions on WallStreetBets of both GME and AMC, which are the 1st and 3rd most discussed stocks today.