It happens but with no regularity that can be proven. And not with trip zero OTC tickers but with more widely traded stocks trading on the Nasdaq or NYSE.
Throughout my years, I can count on one finger the number of times I've seen what might have been a short squeeze of a trip zero ticker. But was it ever proven? Of course not.
What I see a lot of is when there's little hope of seeing a crap stock ever paying off, inevitably, the short squeeze mantra starts being hyped.