(Bloomberg) — After Digital World Acquisition Corp.’s wild surge Monday, some options traders are betting shares may double within days.

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Options volume in the stock has soared in the past two sessions, with a record number of contracts having already changed hands this week. Meanwhile, shares of the firm — a blank-check company seeking to take Donald Trump’s social media firm public — rallied 88%, before paring some of the gains Tuesday.

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Amid the frenzy, a $100 call option expiring on Friday traded 7,000 times by midday — making it the second-most popular contract in Tuesday’s session. For that contract to be worth anything, the stock would need to rally some 117% by the end of the week.

The call traded in small chunks throughout the morning, for as little as 42 cents and as much as $1.70 each. Online, retail traders buzzed about Digital World Acquisition, making it among the most-discussed stocks on WallStreetBets and chatroom StockTwits on Tuesday.

According to Danny Kirsch, head of options at Piper Sandler & Co., it appears that the market push has been mostly from traders who have been bidding for the options, potentially positioning for a further rally.

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“Buying calls that expire in 3 days that are 100% out of the money is unusual but this stock also up 80% the past 2 days,” he said. “It seems like speculative buying or playing for a further squeeze — perhaps Trump having a blowout win in New Hampshire further pushing up the stock tomorrow.”

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