Opendoor Technologies Inc. (NASDAQ: OPEN) has experienced a dramatic surge in its stock price and trading activity throughout July 2025, driven primarily by retail investor enthusiasm and a spike in call option volumes. The stock rose from approximately $0.50 at the beginning of the month to nearly $5, marking an increase of over 800%, with intraday gains exceeding 40% on several occasions. This rally was fueled by a combination of social media endorsements, notably from Canadian hedge fund manager Eric Jackson of EMJ Capital, who acquired shares at around 70 cents and has projected a target price of $82 per share. The stock's market capitalization reached $3.2 billion amid this frenzy. Call option volumes hit historic levels, with daily contracts traded reaching up to 3.4 million, representing nearly 10% of the single-stock options volume on the Nasdaq and the third-highest daily total for 2025 behind Nvidia and Tesla. Over 1.8 billion shares traded in a single day, accounting for almost 10% of total U.S. stock market volume on that day. The rally has drawn comparisons to past meme stock phenomena such as GameStop and Carvana, with some analysts warning of speculative risks despite the underlying real estate technology platform. The surge has occurred despite Opendoor's business operating in a stagnant housing market, with existing-home sales down nearly 50% since the company went public in late 2020. The stock was halted multiple times due to extreme volatility. Goldman Sachs noted that call options now constitute nearly 70% of total options volume, the highest since the 2021 meme-stock frenzy. The intense retail-driven activity has cemented Opendoor's status as the market's latest meme stock, with ongoing discussions about whether the rally is a speculative bubble or a legitimate growth opportunity amid expectations of potential Federal Reserve rate cuts.