My theory is that they are not only doubling down but quadrupling down everytime the stock shoots up. Gamestop has no fundamentals going for it, take a look at its other competitors in the industry, they are all gone. Neither do cases for AMC (who themselves acknowledged and WARNED investors that their operations are simply no long viable due to the pandemic).
This is probably a once in a lifetime short, they've seen the order flows from Robinhood, they have probably infiltrated r/wallstreetbets and are egging people to buy in to the "David vs Goliath" narrative which is couldn't be further removed from the truth.
Many people who are jumping in now (from all the posts asking what is a margin, or when do I sell, or even how to use a broker app) and I fear that people are walking into a clever trap setup by the hedge funds that are short.
There is also a lot of institutional money on the long side and they also have interest in continuing the political narrative because they need somebody to hold the bags.
Remember that exuberance of the irrational variety of the 2000s craze, the departure from fundamentals and the mania of the public jumping in while the smart money were happily selling to the eager investing amateur.
We have no way of knowing if people posting gains on wsb are doing it on paper accounts or not.