(Reuters) - Shares of Trump Media & Technology Group rose 11% in premarket trading on Wednesday, a day after their stellar debut.

It was the third most-trending stock on retail trader-focused trading platform Stocktwits and the 10th most-traded on the Nasdaq at 7 a.m. ET, according to LSEG data.

The rise underscores the popularity of Donald Trump driving investor interest, but the platform Truth Social would need to show strong user growth to sustain the trajectory, analysts said.

"There is likely to be significant volatility ahead as a share buying frenzy among his supporters may wane, and investors dig deeper into the fundamentals," said Susannah Streeter, head of money and markets at Hargreaves Lansdown.

TMTG, the company formed after merger with blank-check firm Digital World Acquisition Corp, gained 16% to end at $57.99 on Tuesday.

The stock climbed to a record high of $79.38 before ending near the lower end of the price swing that day, valuing the firm at nearly $8 billion. It currently trades at $64.37 a piece.

Truth Social has 8.9 million signups, according to a regulatory filing on Feb. 14, and does not break down the active users figure.

In comparison, X had 238 million daily active users as of June 2022, as per the latest available official data, while Facebook and Reddit had 2.1 billion and 73 million, respectively.

Digital World and the newly listed TMTG have surged about 600% since their merger was announced in 2021, cementing TMTG's status as one of Wall Street's so-called meme stocks.

(Reporting by Yuvraj Malik in Bengaluru)