(Commonwealth Union) _As part of ongoing changes initiated last week by its new owner, Elon Musk, the social media network Twitter has put an end to its intentions to create a cryptocurrency wallet, said the online journal Platformer on Thursday. According to the report, “a recently announced idea to construct a cryptocurrency wallet for Twitter appears to be on pause.”
Dogecoin (DOGE) has dropped over 10% in value after the news.
Musk’s actions and words have consistently influenced the price of the well-known meme coin. Tesla CEO and multibillionaire entrepreneur Elon Musk has been a vocal proponent of the coin.
DOGE had more than doubled in the previous week as Musk finalised the transaction, reaching its highest price since April on speculation that he may support crypto-friendly initiatives at Twitter. After Musk finalised a $44 billion deal to acquire Twitter last week, Dogecoin saw a spike of more than 70% on Saturday, extending gains from this week.
The CEO of Tesla Inc., a vocal proponent of cryptocurrencies, has had a big impact on the value of Dogecoin and Bitcoin.
Tesla began accepting Dogecoin as payment for its products earlier this year. Musk’s recently launched scent collection takes Dogecoin as well.
The cryptocurrency exchange Binance, which contributed $500 million to Musk’s acquisition of Twitter, claimed to be formulating ideas for how blockchain technology and cryptocurrencies may benefit Twitter. According to a Bloomberg report on Thursday, citing unnamed sources, the corporation is poised to lay off around half of its staff. Musk fired Twitter’s CEO and other senior officials last week, and he has previously stated his intention to shift Twitter’s direction.
At the time of publication, Twitter had not responded to a CoinDesk request for comment on its plans for the crypto wallet.
