Shares of the San Francisco company were skyrocketing 48.7% to $22.43 on Friday.
The stock is the second-highest trending ticker on StockTwits in terms of message volume Friday morning.
"Do not sell!!!" one poster said on Stocktwits. "Wayyyy to low price for selling."
"Shorts will have to hold 340% interest shares over holiday weekend," another said. "Then wake up to margin calls on Tuesday."
Marin Software took off earlier this week amid touts for shares on Reddit message boards to collectively push back against a potential short-squeeze.
The company did not report any recent news. Last week, Marin Software said its ad management platform now lets users manage Instacart ads, something that allows brands to connect with customers more directly at the point of sale.
Other meme stocks were not faring as well on Friday. Several companies that been pushed higher by the retail stock traders were losing ground.
Exela Technologies (XELA) - Get Free Report was down, 11%, Verb Technology (VERB) - Get Free Report was sliding 7.3%, Powerbridge Technologies (PBTS) - Get Free Report was off 9.4% and AMC Entertainment (AMC) - Get Free Report was off 10%.
Earlier this month, TheStreet's Jim Cramer warned that the ability of meme-powered investors to boost stock prices could fade in the coming weeks, citing a series of failed recommendations from discussions on the r/wallstreetbets chatroom in Reddit.
Cramer said in a recent Real Money column that some small-cap companies are looking to become meme stocks, but he said most companies with high short position in their stock have "bad balance sheets, negative prospects and are inherently undervalued."
"You can't aspire to be a meme stock," he wrote. "That means aspiring to be shorted. And the shorts just aren't that stupid to take that bait."