I realise that any advice here can be taken with a grain of salt and not considered official financial advice.
If I’ve got a couple grand in savings not doing anything, should I buy GME in this dip before the short squeeze? What’s the worst case scenario in terms of losing the money?
Never invest (bet) what you're not willing to lose.
Always true, but especially in this case.
It ain’t gonna go up much, and it’s certainly going to eventually go down 99% or more.