Social media platform Twitter has halted its plans to build a crypto wallet as part of ongoing changes kickstarted 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 pause," the article said.
Dogecoin (DOGE) recently sank almost 10% in the aftermath of the news. The popular meme coin's price has consistently reacted to Musk's activities and pronouncements. The billionaire entrepreneur and Tesla CEO has been a major advocate for the token.
DOGE had more than doubled over the past week as Musk completed the deal, hitting the highest price since April, amid optimism he might push crypto-favorable initiatives at Twitter.
The company is expected to lay off about half its employees, according to a Bloomberg report on Thursday, citing unnamed sources. Last week, Musk ousted Twitter's CEO and other senior executives, and in the past has made no secret of his intent to change Twitter's direction.
At the time of publication, Twitter had not responded to a CoinDesk request for comment about its plans for the crypto wallet.
Read More: Dogecoin Led the Pack Among Cryptocurrencies in October With 17 Times Bitcoin's Gains
UPDATE (Nov. 3, 2022, 01:17 UTC): Updates most recent DOGE price decline in headline and story.
UPDATE (Nov. 3, 2022, 02:40 UTC): Updates with latest DOGE trading.
For the past few weeks, cryptos mostly moved in tandem with stocks, while maintaining impressive stability during large market swings. However, the idea that cryptos are low-beta assets was certainly put to the test previously, with many top tokens seeing outsized moves (both up and down) in recent years. Accordingly, while many may be looking for cryptos to buy right now, others may understandably think that this sector may be too volatile to touch. That’s fair enough. But there appears to be s
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