I get what you're saying....if we get hit with some really good news, like a licensing deal or any other type of arrangement that would put any financial concerns to bed....then I could easily see 1 million+ trading in a day.....and the same if we got hit with some really bad news, something like HL bailing out on us totally.  Either way, with good or bad news driving it...if volume were to get to 1 million or more in a day, obviously 350K or so would be just a fraction.

Using Amarin as a benchmark once again, the number of shorted shares on Sept 14 2018, prior to announcing their boffo new, was 12.1 million.  Then on the day the news came out, Sept  24th...that day over 163 million shares traded hands, and over 100 million more the day after.  

Over 250 million trading in just two days, so obviously 12.1 million was barely a blip when compared against massive volumes like that.