Twitter ‘Halts Work on Crypto Wallet’ Driving Dogecoin Down 10%

Twitter, a social media platform has halted its plans to build a crypto wallet as part of ongoing changes kickstarted last week by Elon Musk.

The online publication Platformer wrote Thursday.

“A recently revealed plan to build a crypto wallet for Twitter appears to be on pause,” the article said.

Following the news, Dogecoin (DOGE) recently experienced a nearly 10% decline.

The price of the well-known meme coin has consistently responded to Musk’s actions and statements.

Mr Musk the CEO of Tesla and multibillionaire entrepreneur has been a strong supporter of the token.

DOGE had increased by more than twofold over the previous week as Mr Musk finalized the transaction. Reaching its highest price since April amid hopes that he might promote cryptocurrency-friendly initiatives at Twitter.

According to a report by Bloomberg on Thursday that cited unnamed sources, the company is anticipated to let go of about half of its workforce.

Mr Musk fired Twitter’s CEO and other senior executives last week, and he has previously been open about his desire to change Twitter’s course.

However, iexclusivenews Nigeria reports that a request for comment from CoinDesk regarding Twitter’s intentions for the cryptocurrency wallet was unanswered at the time of publication.