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Dec 7, 2023
Elon Musk's tweet stating, "We are not raising money right now," causes a reversal in the recent surge of Dogecoin (DOGE).
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Earlier, a U.S. Securities and Exchange Commission filing revealed that Musk's AI startup xAI (X.AI) might seek to raise up to $1 billion, sparking a 14% DOGE rally.
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DOGE, initially up 7% on Tuesday, experiences a downturn, dropping to $0.10 and a 1.1% decline in the past hour after Musk's tweet.
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Despite the filing suggesting a potential $1 billion fundraising, Musk clarifies that xAI is not actively seeking funds at the moment.
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Musk's history of impacting DOGE's value with his comments continues, reflecting the crypto's susceptibility to his tweets.
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Musk's earlier mentions of DOGE, including proposing it as a payment option for Twitter Blue, have triggered positive price movements.
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Notably, Tesla, Musk's electric car company, already accepts DOGE payments for merchandise in its online store.
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