There's usually a ton of jokers who have $0.01 bid orders in a bunch of markets, just in case of a flash crash. I certainly do - if Bitcoin hits $0.01, sure I'll buy a few thousand dollars worth. I actually looked at the order books around 2019 (this is just a simple free API call) and it was O(high hundreds to low thousands) of people.

It's a bit rarer to have limit orders at say 1/4 the current price but not extremely low, but they still happen. Enough to have plausible deniability at least. Check the order books; my recollection is that this was still O(hundreds) of people.