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Shares of Chewy have been on the rise since Keith Gill, the GameStop (GME) meme trader more popularly known as "Roaring Kitty," revealed he has a 6.6% stake in pet retailer Chewy (CHWY). Tastylive CEO Tom Sosnoff joins Market Domination to discuss the meme trade's momentum.

"If you had told me three years later from 2021, we'd still be talking about this in 2024, I think I would be super surprised," Sosnoff says. He calls Roaring Kitty an "extraordinary story for retail investors" as Gill made never-before-seen market moves in 2021. However, Sosnoff doubts whether the meme stock momentum this time around can be maintained.

Milwaukee-based headphone manufacturer Koss Corporation (KOSS) has been the latest recruit to this year's meme stock craze as its stock has skyrocketed by over 210% in the past five trading days

For investors looking to get into the meme trade, Sosnoff is hesitant about stock options: "Even though these stocks are very liquid and even though they have a ton of trade, the markets aren't great. They're a little wide. And you have to be careful... because some of the upside call skew is ridiculous. And if you're not used to upside call skew, it just means that calls are priced more expensive than the puts. And so it's where the velocity of risk is deemed to be."

For more expert insight and the latest market action, click here to watch this full episode of Market Domination.

This post was written by Melanie Riehl