Elon Musk and Binance founder Changpeng Zhao, known as CZ, engaged in a series of meme exchanges on Friday as cryptocurrency prices fell sharply. The posts followed a broader selloff that began in U.S. equities and spread to digital assets, pushing Bitcoin below recent recovery levels.

Meme Exchange Unfolds During Market Weakness

The interaction began under a post by Dogecoin co-creator Billy Markus, who greeted followers from Japan and asked about the state of the crypto market. Musk responded with a blurry, red-tinted image of CZ, referencing the red candles visible on price charts during the downturn. CZ replied with a cartoon depicting a figure crouching with an arrow in its bleeding leg. Binance co-CEO He Yi later joined, quoting Musk’s post alongside a reference to the red and blue pill scene from the film The Matrix and pairing it with green- and red-tinted versions of the same image of CZ.

The exchange revived an earlier public exchange between the two. After North Korea-linked hackers extracted about $6.3 billion from Binance in late October, Musk had posted laughing emojis in response to a security-related message from CZ. At that time, CZ described the reaction as poorly timed and requested support.

A meme coin named GREEN MORNING, sharing an icon with the image Musk posted, recorded sharp gains after the exchange. The token rose more than 900 percent at its peak, with its market capitalization climbing above $8 million before settling lower. Binance co-CEO He Yi’s related comments preceded part of the move.

Crypto Prices Fall Alongside Equity Losses

Bitcoin dropped roughly 6 percent to trade near $75,600–$75,700, erasing a brief recovery above $80,000 that followed the U.S. midterm elections. Ethereum declined more than 7 percent to about $2,247, while Solana and XRP also retreated. The overall crypto market capitalization fell about 5 percent to near $2.64 trillion. Liquidations across the sector approached $1.1 billion in 24 hours, with the large majority consisting of long positions.

The decline in digital assets coincided with heavy selling in U.S. technology shares, particularly those tied to artificial-intelligence infrastructure. A multi-trillion-dollar equity wipeout spread globally, contributing to pressure in Asian markets. South Korea’s KOSPI index fell more than 8 percent and triggered a circuit breaker after dropping below the 5,000 level.

On the daily chart, Bitcoin traded below its 20-day, 50-day, 100-day and 200-day exponential moving averages. The relative strength index stood at 37.81, indicating weak momentum while remaining above conventional oversold territory.

Denial of Fabricated Market-Share Claims

Separately, Musk and CZ both rejected a viral social-media post that falsely attributed statements to Musk criticizing Binance’s market position. The post claimed Musk had questioned an alleged 80 percent share of crypto trading volume and advised users to move holdings to other platforms. CZ responded by labeling the claims false and sharing results from an AI-powered search that found no supporting record of such comments. Musk later confirmed he had never made the remarks and described the post as fabricated.

Both figures stressed the need for accurate information amid rapid circulation of unverified claims in the sector. The episode followed the recent lighthearted meme exchange by roughly a week relative to earlier security-related posts.

Bitcoin’s nearest support levels sat near the session low of $75,205 and the round figure of $75,000. Market participants continued to monitor equity performance for further direction in risk assets.