That is because it isn't shorts... It is retail frontloaders unloading!
And your point is correct! If there were shorts trying to manipulate the price... taking it under .01 would be their goal and a picnic for them to do! Clearly that is NOT the case!
It is just fishing... have to let the fish run a little before reeling them in, or you'll break the line!
Dips bring in buyers... craters bring in sellers! Exiting is all about selling hope to retail!