Dogecoin Surge Reverses After Elon Musk Denies xAI Fundraising

According to CoinDesk, dogecoin (DOGE) experienced a reversal in its surge during U.S. morning hours on Wednesday after Elon Musk stated that his artificial intelligence startup xAI was not raising money. DOGE's value fell to $0.10, down 1.1% in the past hour, undoing some of the gains from a 14% rally over the previous day. 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. 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.