Trump Media & Technology Group stock (DJT) erased the double-digit surge it enjoyed over the past two trading sessions, with shares falling roughly 22% on Wednesday.

The volatile swings come after the stock was briefly halted several times on Tuesday amid heavy trading volume. It still managed to eke out gains of around 8% to trade at its highest level since May, despite the Republican nominee's highly criticized rally at Manhattan's Madison Square Garden over the weekend.

And despite Wednesday's drop in shares, which shaved more than $2 billion from its market cap, the stock is still up roughly 190% from its September lows.

The oscillating of shares between highs and lows will likely continue as the election nears. One current investor warned that if Trump loses the election next week, shares of DJT could plunge to $0.

"It's a binary bet on the election," Matthew Tuttle, CEO of investment fund Tuttle Capital Management, told Yahoo Finance's Catalysts show on Monday.

Tuttle, who currently owns put options on the stock, said the trajectory of shares hinges on "a buy the rumor, sell the fact" trading strategy.

"I would imagine that the day after him winning, you'd see this come down," he surmised. "If he loses, I think it goes to zero."

But one analyst surmised that the outsized moves could signal more than just pure-play election bets.

"The stock has acted like a leveraged bet on its namesake’s electoral chances for some time, but even though the election odds have recently stabilized around the current 62% level, the stock continues to rally on high volume nonetheless," Interactive Brokers' chief strategist Steve Sosnick said in a note to clients on Tuesday. "It seems to have taken on a meme-stock-ish life of its own."

Shares in the company, the home of the Republican nominee's social media platform Truth Social, have seen a recent rise as both domestic and overseas betting markets shift in favor of a Trump victory, with prediction sites like Polymarket, PredictIt, and Kalshi all showing Trump's presidential chances ahead of those of Democratic nominee and current Vice President Kamala Harris.

National polls, however, show both candidates in an incredibly tight race, especially in key battleground states like Pennsylvania, Michigan, and Wisconsin, which are likely to decide the fate of the election.

The recovery in shares comes after the stock traded at its lowest level since the company's debut following the expiration of its highly publicized lockup period last month. Shares had also been under pressure as previous polling in September saw Harris edging slightly ahead of the former president.