Home Business Dogecoin Price Drops as Twitter Pauses Crypto Wallet Development

Dogecoin Price Drops as Twitter Pauses Crypto Wallet Development

Dogecoin Price Drops as Twitter Pauses Crypto Wallet Development

Dogecoin is currently facing a price drop. The price of the largest memecoin fell by almost 10 percent in just hours.

Dogecoin on Twitter soon?

The price plunge comes after the news website Platformer reported that Twitter has halted development of its cryptocurrency wallet. “A recently unveiled plan to build a crypto wallet for Twitter appears to be on hold,” says the article.

The price of the memecoin has benefited greatly in recent days from rumors of an implementation of DOGE on Twitter. As recently as Tuesday, Elon Musk had boosted the Dogecoin price when he tweeted a photo of a Shiba Inu wearing a Twitter shirt and a pumpkin with a Twitter logo.

Although Musk only added a winking smiley as text, it was clear to the community that DOGE will soon be integrated as a payment method on Twitter. However, this rumor seems to have been put on hold for now.

DOGE fans shouldn’t give up all hope, though. On Wednesday, a video of Elon Musk went public, in which he discussed improving Twitter’s content and bringing a payment via Dogecoin into play. “I pay 10 cents for this item. I pay one Dogecoin’said Musk.

Restructuring of Bitcoin and Twitter

Last September, Twitter introduced a feature that allows content creators to receive tips in Bitcoin. After Jack Dorsey stepped down as CEO, the company also added support for Ethereum in February.

Strike CEO Jack Mallers tweeted that instant Bitcoin Lightning payments should be an accepted payment method on Twitter. Mallers offered Musk his help, saying an implementation could happen in a few days.

Services like CashApp already support these payments. My company partnered with Twitter to enable Lightning Tips. We even offer the option to settle these payments in USD.

– Says Mallers

On October 24, tech blogger Jane Manchun Wong revealed in a tweet that Twitter is working on its own wallet prototype. This one allegedly supports deposits and withdrawals.

Which cryptocurrencies are supported, when the wallet is expected to be released and whether it will be available to all Twitter users was not made public at the time.

The alleged cessation of wallet development coincides with the news that Twitter is laying off about half of its employees. According to Bloomberg, Musk’s layoffs are expected to take effect as early as Friday.

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