What happened

Meme stocks were on the menu again Wednesday with shares of GameStop (GME -1.44%) and Naked Brands Group (NAKD) rising in midday trading while Tonix Pharmaceuticals (TNXP 5.50%) took a breather after yesterday's 13% rise. Its stock was down 2% at noon EDT.

GameStop rose 3.5% on Monday, surged 28% on Tuesday, but was nominally up 0.6% today. Naked was essentially flat on Monday, but jumped 13% yesterday, and was adding another 8% onto its gains today. Being a penny stock trading below $1 per share, however, will make it more volatile than otherwise.

Hands holding $100 bills.

Image source: Getty Images.

So what

Movements based on no news for meme stocks is not uncommon. Sometimes all it takes is a little internet chat room chatter to get these unpredictable stocks going. If broader positive developments occur, that can set them off as well.

Monday these stocks got a jolt -- as did much of the rest of the market -- from the announcement that the U.S. Food and Drug Administration gave full approval to the COVID-19 vaccine from Pfizer and BioNTech. The news only tangentially helps the meme stocks, but investors looking to hang their hat on any good news in hopes of sending shares higher will use what's at hand.

Now what

Without an actual catalyst specific to their own businesses, expect all meme stock to bounce up and down considerably until something actually connects, especially those of the penny stock sort. Until then, treat it as background noise and stay focused on the fundamentals of the company.