For those unfamiliar with the term, a meme stock is a stock that has seen an increase in price due to attention on social media platforms like Reddit. In recent months, we’ve seen meme stocks like GameStop (NYSE:GME) and AMC Entertainment (NYSE:AMC) skyrocket in value, much to the surprise of traditional investors. So, who will be the next meme stock champion?

There are a few contenders for the title. One possibility is BlackBerry (NYSE:BB), which has already seen a surge in interest due to its association with Reddit. Another possibility is Tesla (NASDAQ:TSLA), which has long been a favorite of online investors.

Of course, predicting the next meme stock is no easy task. The market is highly volatile and ever-changing. Nevertheless, active investors should keep an eye on this area if it wants to take advantage of the monstrous gains Reddit users are known to induce.

We’re interested in finding the next meme stock champion, so we’re avoiding the more popular names on this list. Investors know about AMC, GameStop and Bed Bath & Beyond (NASDAQ:BBBY) as key Reddit stocks. However, this article will discuss some stocks that do not often enter the conversation around meme stocks.

So, if you’re looking to get in on the action, keep an eye on the following three stocks. The next meme stock champion could be just around the corner.

Palantir Technologies (PLTR)

Palantir (NYSE:PLTR) has developed a groundbreaking platform that allows users to access, organize and analyze data of all kinds. The company’s products are used by some of the world’s largest organizations, including the U..S intelligence community, law enforcement agencies and major corporations. Palantir is constantly innovating and expanding its products and services. The company is well on its way to becoming a major player in the data analytics market.

The major argument against investing in Palantir is its lack of commercial clients. The majority of Palantir clients remain government agencies. While this provides the data analytics company with smooth recurring cash flow, it does not give Palantir bulls what they are craving, which are lucrative commercial contracts that invite less scrutiny.

The latest figures show progress on the commercial side. In the latest quarterly results, Palantir reported a 120% year-over-year increase in its U.S. commercial revenue. Some of the top clients who use Palantir’s Foundry platform are Morgan Stanley (NYSE:MS), Airbus (OTCMKTS:EADSY) and Fiat Chrysler (NYSE:FCAU). The company recently inked deals with homeownership platform Better and healthcare technology company MCI Onehealth. All of these developments lead me to believe PLTR knows where it needs to improve.

Palantir is a great investment for those who are patient. The company has a unique operating model that is different from other companies in the industry. Palantir is looking to diversify its revenues from just government contracts, which will pay dividends in the future. The company’s commercial clients are growing, and that will help Palantir to achieve its long-term goals.

Reddit investors are also noticing; PLTR consistently ranks among the most discussed stocks on r/WallStreetBets. Therefore, you cannot rule out Palantir as the next big meme stock champion.

Siga Technologies (SIGA)

Moderna (NASDAQ:MRNA) was once a small pharmaceutical company. However, it made headlines after developing a vaccine to combat Covid-19, and its growth story continues today. Moderna’s story is a reminder of the importance of a seminal event in a company’s fortunes. While the company was already doing important work before the pandemic, it was the development of a vaccine that made Moderna a household name. In today’s global economy, adapting to change and seizing opportunities are essential for success. Moderna is a prime example of a company that has done just that.

Many investors believe Siga Technologies (NASDAQ:SIGA) can follow a similar trajectory. The reason is monkeypox, an ongoing epidemic that has infected about 50,000 people as of this writing. Siga has a treatment for monkeypox that the U.S. Centers for Disease Control and Prevention (CDC) has made available under “compassionate use.” Siga shares are up more than 130% this year as people became hopeful about its success.

The fate of SIGA shares will ultimately be decided by whether monkeypox becomes a big enough crisis like Covid-19. If that happens, we can expect Siga to become a multibagger, as it will help solve a global healthcare issue. It’s a risk, but that is the very nature of Reddit investing, which is why you cannot discount SIGA Technologies as the next meme stock champion.

Nio (NIO)

Nio (NYSE:NIO) is an electric vehicle (EV) company that has emerged recently with the potential to challenge Tesla. It has a close affiliation with the Chinese government, which gives it a huge advantage. China is the largest EV market, and Nio’s connection to the Chinese government is worth its weight in gold. Nio has already made a name for itself in China and is now expanding globally.

Nio is growing in international markets. It had a successful launch in Norway last year and is set for more releases in Germany, Denmark, the Netherlands and Sweden this coming year. Furthermore, it has plans to enter the American market by 2025. Nio’s expansion into these markets shows that it is looking to reduce its reliance on the Chinese market and become a global company.

Recently, Nio has been facing headwinds due to the broader supply chain issues affecting the world economy and China’s zero-Covid approach, which led to the closure of several major Chinese cities. However, a recent stimulus package by China shows that things are changing in the aftermath of an energy crisis.

Apart from these broader macroeconomic factors, Nio bulls have other reasons to rejoice. The EV maker has developed a unique battery-swapping system that allows drivers to extend the range of their vehicles. Nio also offers a wide range of self-driving features, making it one of the leading companies in autonomous driving technology. As the electric vehicle market grows, Nio is positioned as a major player.

On the publication date, Faizan Farooque did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.