Silver [$SLV] Big Short Squeeze Begins, Wallstreetbets Targets Silver Price of $1000

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.

$AMC and $GME both halted for 2nd time lol pic.twitter.com/90173yYksF

— CryptOrca (@CryptOrca) January 28, 2021

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.

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Sunil Sharma

Sunil is a serial entrepreneur and has been working in blockchain and cryptocurrency space for 2 years now. Previously he co-founded Govt. of India supported startup InThinks and is currently Chief Editor at Coingape and CEO at SquadX, a fintech startup. He has published more than 100 articles on cryptocurrency and blockchain and has assisted a number of ICO's in their success. He has co-designed blockchain development industrial training and has hosted many interviews in past. Follow him on X at @sharmasunil8114 and reach out to him at sunil (at) coingape.com

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