It's not a pump and dump. It's a short squeeze. It's nothing new. It's the plot of the 80s movie "Trading Places."
A hedge fund bought short position futures contracts for 120% of the available stock on the market. That's the underlying reason the price is going up: because they're forced to somehow buy more than 100% of the available Game Stop stock because they agreed to sell it to the people on the other end of those contracts for a set strike price.
A hedge fund bought short position futures contracts for 120% of the available stock on the market. That's the underlying reason the price is going up: because they're forced to somehow buy more than 100% of the available Game Stop stock because they agreed to sell it to the people on the other end of those contracts for a set strike price.