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No it's more like most of what's being hyped is being shorted already. The famous GME stonk is believed to be overshorted by incredible magnitudes. This is how they crash companies, overshorting to crash their share value, then company has to file bankruptcy. Then if you got late on the game due to FOMO, your money's going to get zapped along with the stock.

So unless you're totally sure -not being told by completely uncaccountable Reddit users who don't back up their claims- that a penny stock is going to skyrocket at some point, don't jump into it.