Twitter Reportedly Halted Work on Crypto Wallet, Dropping Dogecoin by 10%

Social media platform Twitter has halted plans to create a crypto wallet as part of ongoing changes launched last week by its new owner, Elon Musk, the online publication Platformer wrote Thursday.

“A recently revealed plan to build a crypto wallet for Twitter appears to be on hold,” the post reads.

Dogecoin (DOGE) recently fell almost 10% following the news. The popular meme coin price has constantly reacted to Musk’s activities and statements. The billionaire entrepreneur and CEO of Tesla has been a big advocate for the token.

DOGE had more than doubled over the past week as Musk sealed the deal, hitting the highest price since April, amid optimism he could push crypto-friendly initiatives on Twitter.

The company is expected to lay off about half of its employees, according to a Bloomberg report on Thursday, citing unnamed sources. Last week, Musk ousted Twitter’s CEO and other top executives, and in the past has made no secret of his intention to change Twitter’s leadership.

At press time, Twitter had not responded to a request for comment from CoinDesk on its plans for the crypto wallet.

Read more: Dogecoin led the pack among cryptocurrencies in October with 17x the gains of Bitcoin

UPDATE (3 November 2022, 01:17 UTC): Updates the most recent DOGE price drop in title and history.

UPDATE (3 November 2022, 02:40 UTC): Updates with the latest DOGE trade.