Retail traders are cheering Trump's deal to make SPACs great again as Digital World Acquisition Corp. extends triple-digit gains

• Retail traders have poured into Digital World Acquisition Corp. stock following the Trump deal.
• DWAC, which has soared about 1,000%, had the most buy orders by far, according to Fidelity.

Retail traders are over the moon about former president Donald Trump's latest deal.

Trump announced Thursday that a SPAC known as Digital World Acquisition Corp. would be taking his newly formed media company public. Shares of the blank-check company, which trade under the ticker DWAC, have soared nearly 1,000% in the past two days following the merger announcement.

That epic rally has been, in part, thanks to retail trader hype.

According to Fidelity, DWAC was the top buy order among the brokerage's customers on Thursday and still topped the list on Friday. On investing social sites, like Reddit and Twitch, DWAC was one of the most mentioned stocks on Friday, data from Topstonks shows.

The bubbling market for SPACs - shell companies which raise money in an IPO with the intention of taking a private firm public - has fizzled out in recent months as retail traders moved on from the hype. But Litquidity, the famous social media finance meme account, wrote in a newsletter Friday morning that "Trump Media and WeWork brought SPACs back in vogue."

Mentions of Trump and DWAC surged on Reddit and Twitter with references to some of the former president's favorite phrases. "DWAC: Make SPACs great again," wrote one user on the r/spacs thread.

Trump Media & Technology Group was worth about $4.5 billion when trading halted at the $131.90 stock price after the market open Friday.

In the original deal, the company scored a $1.7 billion valuation, though it didn't provide much in the way of financial statements or guidance. The media company plans to launch a site called Truth Social, to compete with "Big Tech." The site has a waitlist but has not yet launched. According to the company's statement, a beta version is set to launch next month.

The stock's epic two-day rally is reminiscent of GameStop's surge in January when the meme-stock craze began. "This will be the meme stock of meme stocks," wrote another user in r/WallStreetbetsElite, in response to a bullish post about the company.

In an impression of Trump, one Redditor wrote, "$DWAC IS GOING TO BE YUUUUUGE."