(Reuters) -Shares of Clover Health Investments Corp jumped 18% and were on course to hit an all-time high on Wednesday, with individual traders on online discussion forums pumping up the stock a day after they sent it soaring about 86%.

Medicare-backed insurance seller Clover Health is a new favorite of small-time traders who had previously sent shares of GameStop Corp and AMC Entertainment Holdings soaring using social media channels such as Reddit's WallStreetBets.

Traders had exchanged more than $14 billion worth of Medicare-backed insurance seller Clover Health shares by the close, eclipsing the company's overall stock market value of about $9 billion.

Serial dealmaker Chamath Palihapitiya's $16 million investment in the special purpose acquisition company (SPAC) that took Clover Health Investments Corp public was worth $682 million on Tuesday after a Reddit-fueled rally in the health insurer's shares.

The meteoric rally in meme stocks such as AMC and GameStop has unleashed a burst of options trading, upending traditional dynamics in the market for stock bets

Clover Health Investments joins the meme stock revolution, soaring 70% on Tuesday