It's still going on. Just look at all the posts of "hold, I'm holding and averaging down by buying more" aka hoping to average down to a point where the "pump" part of the scheme will let them sell to enough new suckers :)

Full disclosure: I never bought GME itself but made some money on a related ticker and still holding on another. I went in late and 'all seemed lost' but I just held and put in a sell order for something that'd make me a fair profit and lo and behold about a week later it got executed while I wasn't even looking. Since I'm not doing any of this on margin or with large amounts I didn't really care. This is the "play money" part of an otherwise dividend based portfolio.