Price Dogecoin Drops After Elon Musk Denies xAI Fundraising

On Tuesday, Dogecoin (DOGE) surged after an SEC filing showed xAI had already raised $134.7 million in a fundraising and might seek $1 billion. However, DOGE experienced a reversal in its surge during the morning hours on Wednesday after Elon Musk stated that his artificial intelligence startup xAI was not involved in any fundraising program. 

DOGE’s value fell from $0.1057 to $0.0946, down about 1.1% in the past hour, undoing some of the gains from a 14% rally over the previous day. However, the coin has risen slightly to $0.0977 at press time.

Dogecoin Price Chart | Source: Coinstats


On Tuesday, DOGE had jumped 7% following a U.S. Securities and Exchange Commission filing, which revealed that xAI, referred to as X.AI in legal documents, might attempt to raise up to $1 billion and had already raised $134.7 million.

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Historically, DOGE has seen price increases following Musk’s comments and public posts due to his apparent fascination with the dog-themed meme token. 

In April, Musk hinted at DOGE payments on X, previously known as Twitter, suggesting dogecoin as a potential payment option 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.

Disclaimer: The information provided is not trading advice. holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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