The wallstreetbets group is taking up on Silver [$SLV] as their next short squeeze target and $SLV price is already started rising breaking $26.5 at the time of reporting. It is to be noted that JP Morgan is among the largest silver short position holders and they may well be next Melvin Group.
Big Short Squeeze, Wallstreetbets targeting $SLV price of $1000
Silver price already is looking good on hourly candle as $SLV price soared to $26.7 at the time of reporting. As reported by Coingape, wallstreetbets group is eyeing $SLV price at $1000 and calling it biggest short squeeze in the world.
JP Morgan is clearly the next target of the group after Melvin capital suffered a huge setback recently with GME stock. JP Morgan reportedly holds largest short position in Silver and clearly the short squeeze will affect them severely.
As per the latest reports, Robinhood has already delisted GME amid the high surge in prices while $AMC and $GME are reportedly halted multiple times now.
Clearly, in the war against wall street centralized applications like robinhood are favoring large wall street players, it will be interesting to see how exchanges will deal in case of Silver short squeeze.
Luke has had a long interest in financial technology, especially cryptocurrency and blockchain. With a Bachelors degree in Journalism and Media, Luke is dedicating his writing skills for the digital currency sphere.He can be contacted at email@example.com