The Price Of 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. 

Elon is raising $1B for https://t.co/4LgTqncSO1. A week ago he raised $135m from investors. Bottom line, he wants to compete with OpenAI and Anthropic.

— Gene Munster (@munster_gene) December 5, 2023

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.

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.

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