Elon Musk Halts Dogecoin Surge by Saying His AI Business Is 'Not Raising Money'

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. DOGE jumped 7% on Tuesday after a U.S. Securities and Exchange Commission filing, first reported on by CoinDesk, showed xAI 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.

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