In January, GameStop's stock price began a wild ride, going from its normal sub $20 price to a staggering $483. By early February, the excitement had died down: GameStop's stock settled into its normal price range of $40-50, and while some people made big money, others missed the moment but the hype. Many people lost a lot of money, especially individual investors who were caught off guard. This was enough to spur congressional hearings on the issue.

Now it appears that the same thing is happening again. The day after Gamestop announced that CFO Jim Bell would resign in March, the stock soared again, hitting $91 before trading was halted at 4 p.m. ET and continuing to climb to a high of $185 in after-hours trading.

Bell's announcement of his departure came as something of a surprise, as he was appointed CFO two years ago, in June 2019, and his successor has yet to be named; GameStop said in a filing with the SEC that Bell's resignation was due to "any issues regarding our operations, policies, or practices . was not due to a disagreement with us," but sources told Business Insider (via CNBC) that he was pushed out by Chewy co-founder Ryan Cohen. Cohen's investment is actually credited with triggering the initial resurgence of GameStop's stock price a few months before the Reddit episode.

His ouster is expected to make it easier for Cohen to execute his vision for the company, and some credit the rise in the stock price as such. It has also been suggested that, while perhaps less serious, the odd tweet, a picture of a McDonald's ice cream cone, may be some kind of hidden signal that has caused this frenzy.

Whatever the reason, the sudden spike has sparked praise in the WallStreetBets subreddit.

Whether it has anything to do with the case or not, Keith Gill, also known as Reddit investor deepfuckingvalue and financial YouTuber Roaring Kitty (who testified at a recent congressional hearing), after the day's trading closed tweeted.

(The connection is very strongly suspected.)

Whether this is a continuation of the phenomenon that exploded GameStop prices in January or the result of something entirely new is impossible to determine at this point, but at least the superficial similarities are undeniable. Tomorrow will be very interesting: will prices continue to rise, possibly even surpassing the highs recorded in January, or will it be relatively short-lived?