Twitter Scales Back on Crypto Plans, DOGE Slides
Dogecoin’s price has fallen by more than 11% within the last day. This followed Twitter’s announcement that it was putting its crypto wallet development on hold. All these come amidst the ongoing layoffs drama at the social media company.
The Takeover Dramas
There have been a number of controversial developments since Elon Musk took control of the company. The takeover was generally viewed as a good move that would favor Dogecoin. Elon Musk continued to indicate that the token would be integrated into Twitter.
It now looks more like a theoretical positioning than an actual work in progress. Bernstein, however, said early in the week that it was not unreasonable to expect a crypto feature on Twitter. Dogecoin price had a triple-digit increase following Musk’s Twitter acquisition. But the meme token has suddenly dropped to be one of the worse altcoins in the last 24 hours.
It had early been reported in the media that Twitter was building its own wallet. As reported by Jane Manchun Wong, the company wanted to come up with a prototype first. The crypto wallet was going to enable users to withdraw and deposit cryptocurrencies in it.
Note that Twitter rolled out a feature where users can now send a Bitcoin tip to content creators. The platform also made the Ethereum option available in February. The social media platform has also made it possible for users to display their NFTs on their profile images.
Other Plans
It was envisaged that adding the crypto wallet was going to transform Twitter into a web3 space. But at this juncture, no one really knows how the tide or events could turn. Twitter employees had a long time waiting on Thursday while they expected the billionaire founder’s decision.
They had become almost accustomed to leadership silence since the takeover was completed. Apart from incorporating Dogecoin, there have been some road map decisions flowing around. Some are quite confirmed while others, like Dogecoin, remain speculation.
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