Share this article
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.
Updated Mar 9, 2024, 1:52āÆa.m. Published Dec 6, 2023, 3:05āÆp.m.
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
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
We are not raising money right now
ā 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 ā 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.
More For You
L1 tokens broadly underperformed in 2025 despite a backdrop of regulatory and institutional wins. Explore the key trends defining ten major blockchains below.
What to know:
2025 was defined by a stark divergence: structural progress collided with stagnant price action. Institutional milestones were reached and TVL increased across most major ecosystems, yet the majority of large-cap Layer-1 tokens finished the year with negative or flat returns.
This report analyzes the structural decoupling between network usage and token performance. We examine 10 major blockchain ecosystems, exploring protocol versus application revenues, key ecosystem narratives, mechanics driving institutional adoption, and the trends to watch as we head into 2026.
More For You
Dogecoin breaks short-term support, eyes lower demand zone
Trading volume surged to 721 million tokens, indicating active repositioning rather than thin price movement.
What to know:
- Dogecoin fell 1.8% as sellers regained control, with price drifting toward the lower end of its recent range.
- Trading volume surged to 721 million tokens, indicating active repositioning rather than thin price movement.
- DOGE lost support near $0.1320, confirming a bearish short-term bias as it failed to sustain gains above $0.135.
Top Stories
