If this GME short squeeze holds into the regular market hours tomorrow, then I suspect it will be an official declaration of cyber market war between the distributed grassroots "wall-street-bets" folks and the centralized financial institutes, which include the government, the FED and (some) hedge funds. It may be the final trigger needed to finally make this market go KABOOM in Hindenberg style.
The folks have discovered market's warp core, which is essentially extreme out-of-money call option purchases creating a gamma squeeze loop. Now we may be about to see what happens when the warp core overloads and it might not be to the benefit of any of these players.
I think retail's main effect has been to dry up available shares, but over all we've just been a board piece in a game the hedgies are playing. Somebody (or a few somebodies) have made pretty sizable bets, putting in multiple bulk orders of OTM calls expiring Friday when the stock was sub $50.
We're the remoras hanging around sharks.