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Elon Musk Halts Dogecoin Surge by Saying His AI Business Is 'Not Raising Money'
DOGE surged Tuesday after an SEC filing showed xAI had already raised $134.7 million and might seek $1 billion.
A dogecoin [DOGE] surge started to reverse in U.S. morning hours Wednesday after technology entrepreneur Elon Musk said that his artificial intelligence startup xAI was not "raising money."
DOGE fell to $0.10 and is down 1.1% in the past hour, reversing some gains from a 14% rally over the past day.
STORY CONTINUES BELOW
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We are not raising money right now
— Elon Musk (@elonmusk) December 6, 2023
DOGE jumped 7% on Tuesday after a U.S. Securities and Exchange Commission filing, first reported on by CoinDesk, showed xAI (which is called X.AI in legal documents) might try to raise up to $1 billion – and had already raised $134.7 million.
DOGE has historically pumped on Musk's comments and public posts given his apparent infatuation with the dog-themed meme token. In April, Musk teased DOGE payments on X, then known as Twitter, proposing dogecoin as one of the payment options for Twitter Blue, the site's subscription service with premium features.
Musk's electric car company Tesla already accepts DOGE payments for merchandise purchases in the Tesla Store.
Shaurya Malwa
Shaurya is the Co-Leader of the CoinDesk tokens and data team in Asia with a focus on crypto derivatives, DeFi, market microstructure, and protocol analysis. Shaurya holds over $1,000 in BTC, ETH, SOL, AVAX, SUSHI, CRV, NEAR, YFI, YFII, SHIB, DOGE, USDT, USDC, BNB, MANA, MLN, LINK, XMR, ALGO, VET, CAKE, AAVE, COMP, ROOK, TRX, SNX, RUNE, FTM, ZIL, KSM, ENJ, CKB, JOE, GHST, PERP, BTRFLY, OHM, BANANA, ROME, BURGER, SPIRIT, and ORCA. He provides over $1,000 to liquidity pools on Compound, Curve, SushiSwap, PancakeSwap, BurgerSwap, Orca, AnySwap, SpiritSwap, Rook Protocol, Yearn Finance, Synthetix, Harvest, Redacted Cartel, OlympusDAO, Rome, Trader Joe, and SUN.
