This was heavily, heavily, heavily shorted. WSBers trigger a small squeeze at which point blood was in the water and the sharks came to feast...
...along with the entire internet. This triggers triggers more margin calls, more gains, and more attention.
It's a vicious cycle and given the liquidity conditions in the market there was enough jet fuel for take off. Now add more media attention, more people finding out about WSB, and you have the mother of all short squeezes.
This only became truly coordinated once the media got involved and was exacerbated more by the brokerage firms shutdown buying.
...along with the entire internet. This triggers triggers more margin calls, more gains, and more attention.
It's a vicious cycle and given the liquidity conditions in the market there was enough jet fuel for take off. Now add more media attention, more people finding out about WSB, and you have the mother of all short squeezes.
This only became truly coordinated once the media got involved and was exacerbated more by the brokerage firms shutdown buying.