It's more likely the cable than the speedo. The easiest way to find out is to get under the car and pull the short part of the cable assembly and while holding one end still try spinning the other... it shouldn't move at all... if one side spins while you're holding the other it's broken in side. Sometimes when the small cable is broken, one part of the cable will just pull out of the sheathing when you unplug it all.
The short cable seems to be the culprit more often than not.
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