I dumped $1700 into it which is currently worth $1200. All my fucking cash is tied up in this shit
So long as the Hedge Funds can continue to pay their interest rates on their naked shorts to Citadel, this could theoretically go on forever. The only reason why the squeeze has not occurred yet is because no Hedge Fund has been margin called yet. Make no mistake though, the Hedge Funds and Citadel are hemorrhaging money every day that they remain in a naked short position. They are leveraging the loss of money from interest payments against the colossal cash drainage they will see once the margin calls are made, and the Hedges are forced to cover.
If you noticed, cryptos took a massive hit this past week. Many among the ape community theorized that this could have been from the Hedges and Citadel liquidating their positions in crypto to cover for their naked shorts.
Buckle up. If you can't take the heat, get out now.