ON THE CONTRARY !!!
The only way what you say could be true is if there was only one SHORT.
But there are many of us, so there are shorts covering every day, and there are new and other shorts adding to their position every day. Hence the increase in short interest.
That is why short interest is rising (which ought to be a signal to you), but yet disciplined shorts are still covering and going to the BANK. FACT !!!
Does this resolve your conundrum?
Just for chuckles, I bought some at $2.05 just now...DEEP IN THE MONEY.
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Guess why I waited 16 minutes to post this?
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