Billy Markus, the co-creator of Dogecoin and one of the crypto community’s most outspoken figures, has shared his thoughts on the market’s sharp downturn during what traders had been calling “Uptober.”
In a post on X (formerly Twitter), Markus, also known as Shibetoshi Nakamoto, criticized the excessive optimism surrounding Uptober, a month traditionally associated with bullish momentum in digital assets, arguing that misplaced enthusiasm and speculative leverage contributed to the crash.
anyone who said uptober should be slapped in the face
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$16 billion crypto bloodbath
The crypto market endured a brutal correction this week, triggered by new U.S. tariffs and export controls targeting China. The U.S. government’s announcement of an additional 100% tariff on Chinese goods and restrictions on software exports sparked panic across global markets, while crypto bore the brunt of the reaction.
Looks like Trump put 100% tariffs on crypto
— zerohedge (@zerohedge) October 10, 2025Bitcoin, which had hit an all-time high above $125,000 earlier in the week, plunged by more than 12%, dropping below the $113,000 mark.
According to data from Coinglass, more than $19 billion in leveraged positions were liquidated in the past 24 hours, affecting over 1.6 million traders worldwide. More than $7 billion of these liquidations occurred in just one hour on Friday, marking an unprecedented wave of forced selling.
Crypto market reactions
Despite the shock, leading industry voices are urging calm. Michael Saylor, CEO of MicroStrategy, reaffirmed his conviction in Bitcoin, noting that such volatility is part of its long-term growth cycle.
No tariffs on Bitcoin
— Michael Saylor (@saylor) October 10, 2025Anthony Pompliano also offered a contrarian perspective, tweeting:
If you were bullish on bitcoin and stocks two days ago, you should be even more bullish now.
None of the fundamentals changed in the last 48 hours.
We simply got a healthy reset that wiped out the excess leverage in the system.
Now the market is cleared to go higher.
Crypto analyst Michaël van de Poppe went further, suggesting that altcoins may have finally found their bottom.
This is the bottom on #Altcoin & #Bitcoin.
The biggest liquidation crash in history.
COVID-19 was the bottom of the previous cycle.
This is the bottom of the current cycle.
BTC enthusiast Samson Mow emthasized that October is not done yet.
There are still 21 days left in Uptober.
— Samson Mow (@Excellion) October 11, 2025Meanwhile, James E. Thorne pointed out that Bitcoin’s price remained above $110,000, underscoring the asset’s structural strength.
Bitcoin.
Largest Liquidation event ever and Bitcoin is sitting at $114K.
Think about that for one minute.
Dogecoin suffers 26% single-day drop
While the broader market bled, Dogecoin (DOGE) emerged as one of the hardest-hit large-cap cryptocurrencies.
Source: CoinMarketCap
DOGE tumbled 26% in a single day, marking one of its steepest declines of the year. The sell-off triggered widespread panic among retail traders, with liquidations spreading across retail-focused exchanges.
Despite the setback, some traders remain optimistic about Dogecoin’s long-term prospects. Prominent crypto analyst Kaleo recently outlined an extremely bullish forecast for DOGE, using a comparative valuation model based on Bitcoin’s market performance.
According to Kaleo’s “Bitcoin math,” Dogecoin could reach $6.942 per coin if Bitcoin climbs to $500,000 in the current cycle — a projection that would imply a $10 trillion Bitcoin market cap and DOGE capturing nearly 10% of that value, similar to its relative performance during the last bull run.
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