Even on a market-crash day, there are jokes: Dogecoin co-founder Billy Markus asked on X first thing in the morning, “How’s the market doing?” Musk replied with a red-tinted photo of CZ, hinting at a screen full of red candles. CZ was not to be outdone, responding with a cartoon of a little figure crouching on the ground, bleeding from an arrow wound. He Yi then joined in, referencing the iconic red-pill/blue-pill scene from The Matrix and posting red and green versions of CZ, asking everyone which pill they’d choose.

The backdrop: On November 5, a sell-off in U.S. AI stocks spread to the crypto market. Bitcoin fell below $80,000, and liquidations over 24 hours exceeded $1 billion. Source: BeInCrypto, November 6 report.

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