GameStop shares fell on Tuesday, losing more than half of their opening value and falling to a one-week low.
GameStop shares fell to $ 90 by the end of trading on Tuesday, a 60 percent loss that shaved $ 135 off its opening price.
The stock of GameStop has been steadily declining since Thursday, reaching a high of $ 483, about 1,800 percent higher than its price earlier this year.
The brutal two-day intensity for GameStop could be a death knell for a Reddit crusade against hedge funds, which have spent billions short-circuiting the actions of struggling retailers, bet it will continue to lose value.
Members of the Reddit r / WallStreetBets subforum have raised the price of GameStop shares by constantly buying shares in a short squeeze attempt before the momentum stops.
GameStop losses also came in a strong day for the market as a whole, with all three major US stock indices closing Tuesday with gains of about 1.5 percent. Other shares of Reddit traders for short squeezes fell on Tuesday, including AMC Entertainment (down 2.6%), BlackBerry (1.4%) and Nokia (0.7%).
It remains to be seen whether GameStop shares will return, given the incredible volatility driven by viral rallies and the devoted nature of some buyers. Even so, GameStop shares continued to lose value in after-hours trading, incurring additional losses on Wednesday.