Billy Markus, co-founder of Dogecoin, has publicly criticized the misplaced enthusiasm surrounding October’s “Uptober” narrative following a catastrophic market correction that shattered investor expectations for sustained bullish momentum. In his commentary on social media, Markus highlighted how excessive optimism and leverage accumulation contributed to the subsequent crash when geopolitical developments shifted market sentiment from risk-seeking to risk-averse. His observations proved prescient, as the cryptocurrency market experienced what many analysts characterized as the largest liquidation event in its history, with over $19 billion in leveraged positions wiped out in 24 hours—including an unprecedented $7 billion in liquidations occurring within a single hour on Friday.
The market crash originated from U.S. government announcements imposing additional 100% tariffs on Chinese goods and implementing restrictions on software exports, triggering panic selling across global markets with cryptocurrency absorbing the most severe impact. itcoin">Bitcoin, which had previously established new all-time highs above $125,000 earlier in the week, plummeted more than 12% to drop below $113,000. Dogecoin emerged as one of the hardest-hit major cryptocurrencies, experiencing a devastating 26% single-day decline that triggered widespread liquidations among retail traders on consumer-focused exchanges. The scale of leveraged position liquidations affected over 1.6 million traders worldwide, demonstrating how interconnected leverage across cryptocurrency exchanges can transmit localized liquidations into systemic events.
Despite the dramatic market deterioration, prominent industry figures have offered reassurance about long-term cryptocurrency prospects. MicroStrategy CEO Michael Saylor reaffirmed his conviction in itcoin">Bitcoin’s long-term growth potential, characterizing the volatility as a normal component of the asset’s development cycle. itcoin">Bitcoin analyst Samson Mow emphasized that price remained above $110,000, suggesting structural support levels remained intact. Alternative asset analysts, including Michaël van de Poppe, suggested that altcoins may have finally established their market bottom, implying that downside risks have substantially diminished.
Long-term price forecasts for Dogecoin remain remarkably bullish despite its near-term weakness, with analyst Kaleo presenting valuation models suggesting potential appreciation to $6.942 per coin if itcoin">Bitcoin reaches $500,000 in the current market cycle. This projection would imply itcoin">Bitcoin capturing a $10 trillion market capitalization with Dogecoin representing approximately 10% of that value—a percentage ratio consistent with prior bull market performances. The divergence between near-term liquidation crashes and long-term bullish sentiment reflects how cryptocurrency markets can experience sharp volatility from leverage unwinding and geopolitical shocks while maintaining structural strength from adoption and institutional interest. Markus’s critique of Uptober enthusiasm appears validated by subsequent events, yet contrarian voices suggest the liquidation event may have established conditions for a subsequent sustained recovery as leverage normalizes.
