11-05-2022 icon

Twitter Reportedly Pauses Integration of Digital Currency Wallets, Causing a 10% Plunge in Dogecoin

By Lucy Adegbe

Doge had seen more than a 200% increase in its market value since the wrap-up of the Musk-Twitter deal, fueled by speculations that the platform would be modified in favour of the digital currency.

Social networking protocol Twitter has put a pause on its outline to develop a digital currency wallet as one of the recent modifications set to be done by the new owner of the company, Elon Musk, Platformer’s Thursday report noted. 

As revealed by the report, current initiatives to set up digital currency wallets for the Twitter platform seem to have been put on hold. 

Dogecoin was recently reported to have seen a 10% reduction in its market price due to this report. The value of the meme token has constantly been influenced by Musk’s words and actions as he has been a prominent supporter of the token.

The top meme token was analyzed to have gained a lot in the previous week, attaining its highest value since April, upon the completion of the Musk-Twitter transaction. 

Many believe that Musk may be moved to integrate a digital currency-friendly program into its platform.

The social protocol is predicted to retrench up to 50% of its workers, as reported by Bloomberg on Thursday, quoting an anonymous informant.

It is no secret that the latest owner of Twitter plans to modify the path of the protocol. On his visit to the protocol’s headquarters, right after the acquisition last week, he had made the move to lay off some top executives, including the CEO.