Paramount Skydance emerged as a potential meme stock on Wednesday, with the shares soaring 60% during the session.

Shares of newly merged — and highly shorted — media company Paramount Skydance soared Wednesday, fueling a “meme-on-steroids feel.”

Paramount Skydance was the biggest gainer and one of the most active stocks in the S&P 500 on Wednesday. A flurry of excitement around the recently formed media conglomerate is sending shares skyrocketing.