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 (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.