Twitter Reportedly Halts Work on Crypto Wallet, Driving Dogecoin Down 10%

DOGE had more than doubled in price as Elon Musk completed his Twitter takeover, fueled by optimism he might push crypto-favorable initiatives at the company.

AccessTimeIconNov 4, 2022 at 12:07 a.m. UTC
Updated Nov 4, 2022 at 7:02 p.m. UTC
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James Rubin is CoinDesk's U.S. news editor based on the West Coast.

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Social media platform Twitter has halted its plans to build a crypto wallet as part of ongoing changes kick-started 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.

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.

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James Rubin is CoinDesk's U.S. news editor based on the West Coast.