Bingo! Spot on and well stated. The squeeze here was in January and there are not enough GME shares shorted or in short position currently to generate another squeeze. The more recent spikes up have clearly been the result of social media hype and pumping of these shares. Eventually this anomaly will resolve, but there will be a ton of margin calls, people hurt, and unsuspecting bag holders left here in the end.
It did squeeze in January but that was just one HF and most shorts didn't cover and it still remains heavily shorted. Being heavily shorted doesn't mean it will squeeze, just means it remains a squeeze oprotunity. It takes many factors for it to squeeze ... people holding it one!