Dogecoin co-founder criticizes 'Uptober' optimism…sharp rebuke as market plunges

Minseung Kang

Summary

Dogecoin co-founder Billy Markus pointed out that excessive expectations for 'Uptober' caused a market plunge.
He said baseless optimism and speculative leverage were the main causes of this correction.
He reported that major altcoins, including Bitcoin and Dogecoin, recorded large-scale declines, and some exchanges experienced chain liquidations.

The virtual asset (cryptocurrency) market has shown a large-scale plunge, and Dogecoin (DOGE) co-founder Billy Markus expressed a critical view of the so-called 'Uptober' optimism.

On the 11th (local time), according to virtual asset-focused media U.Today, Markus said, "Excessive expectations for an October bull market rather caused the market plunge." He explained that baseless optimism and speculative leverage were the main reasons for this correction.

This remark came just after the U.S. government last week imposed an additional 100% tariff on Chinese-made imports and tightened controls on exports of strategic items to China, such as semiconductors and software. As a result, Bitcoin (BTC) plunged from a weekly high of $125,000 to below $113,000, and about $19 billion (about 27 trillion won) worth of positions were liquidated in 24 hours.

Dogecoin also recorded a daily drop of 26%, the largest decline among major altcoins. According to CoinMarketCap, DOGE experienced its largest single-day drop of the year, and chain liquidations occurred on some retail-investor-focused exchanges.

DOGE