It started and finished strongly on Friday (which is not uncommon for penny stocks - closing at the HOD is pretty easy with a thinly traded stock). The middle of the day wasn't so good, with something like 100k shares trading between 25 and 26 cents.
While the volume certainly picked up from the anemic levels of the last few weeks, during the run over 40 cents, volumes were much higher with a few 1 million plus share days at 50-100% higher prices.
Bottom line, I think you are right that there are a lot of shares still held at much higher prices that may never see breakeven again.
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