(Bloomberg) -- GameStop Corp. shares are soaring, and the Internet is abuzz about someone known as ‘Roaring Kitty.’ But for all that’s reminiscent of the meme stock frenzy of 2021, there’s one key element missing from that time: a frenzy of bullish options buying to help pump another 1000% surge.

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Since Friday’s close, shares of GameStop have nearly tripled — fueled by the social media return of Keith Gill, who led 2021’s retail mania. Day traders also piled into old classics like AMC Entertainment Holdings Inc., Rivian Automotive Inc., and Lucid Group Inc.

As shares surged and traders snapped up short-dated call options, sellers of those contracts hedged their positions by buying the underlying stock, adding more fuel to the rally. Close to 700,000 options contracts changed hands Monday — the highest number since 2022.

In 2021, the same dynamics were at play — outsized call buying and euphoric stock trading. But the difference is the magnitude. The number of call options outstanding in GameStop is around 25% of its 2021 peak, and Monday’s volume of calls was just one-tenth of what moved in January 2021.

As of Tuesday morning, the stock had already blown past the levels with the largest open options positions. Consequently, the traders who sold those calls have likely bought shares already — reducing the risk of a 2021-style spiral higher. Traders were buying contracts at higher levels, with the most-active option a $57 call expiring Friday.

“If I were short a call yesterday, I would have overhedged it to the model delta,” said Ling Zhou, head of equity derivatives strategy at TD Cowen.

Aside from the numbers, there’s also the lessons of history. Three year-old memories of the meme mania of yore still sit fresh in the minds of options traders.

“Quant/hedge funds are much better equipped to handle these situations nowadays,” said Marco Iachini, senior vice president of Vanda Research. “If anything, we believe the chances that they participate along with retail in the squeeze but also lean against and then exit these trades ahead of retail traders are high.”

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