11/4/2022 | Benzinga

Dogecoin Sinks 10% As Elon Musk's Twitter Reportedly Suspends Work On Crypto Wallet

Dogecoin Sinks 10% As Elon Musk's Twitter Reportedly Suspends Work On Crypto Wallet

Twitter is reportedly halting its plan to launch a cryptocurrency wallet, days after Elon Musk announced a plethora of changes since taking over the microblogging platform. The news appears to have significantly dented Dogecoin.

What Happened: According to Platformer, a recently revealed plan to build a cryptocurrency wallet for Twitter appears to be on pause. As a result, DOGE tumbled 10.86% in the last 24 hours. DOGE is trading at $0.1188, at the time of writing

Musk has been a vocal supporter and an active DOGE investor. In fact, since his Twitter acquisition, the meme coin has skyrocketed over 150% between Oct. 25 and Oct. 29.

Crypto analyst Justin Bennett pointed to Dogecoin’s hourly chart and said it looked “interesting.” “The apex comes into play before Friday NFPs though so be careful,” he warned in a tweet.

The company is expected to lay off more than 50% of its employees, as per a Bloomberg report.

Twitter did not immediately respond to Benzinga's request for comment.