Twitter Halts Development of their Crypto Wallet, Leading to a Plunge in Dogecoin Price

Key Takeaway

  • Various modifications and improvements have been outlined to be made on Twitter by its new owner Elon Musk, sparking various debates about these new changes on the social media platform.
  • Some of these modifications include the development of a crypto wallet for the Twitter platform, which the company’s management has paused for reasons best known to them.
  • This halt on the crypto wallet development plan has affected the price of Dogecoin, plummeting the value of the meme coin, which saw an improvement in its price in recent times. And this price improvement was attributed to Elon Musk concluding the buying of the social platform.

Since the acquisition of Twitter by Elon Musk, there have been a host of structural changes outlined by the new management of the social media platform.

Photocredit: Coingape

One of these changes includes creating a crypto wallet for the social platform, which will integrate cryptocurrency and blockchain into Twitter’s routine usage.

But recently, the social media giant has put on hold its intention to create a cryptocurrency wallet which was part of the structural adjustments started under its new owner Elon Musk. A Platformer report published on Thursday says, “A recently revealed plan to build a crypto wallet for Twitter appears to be on pause.”

Dogecoin (DOGE), the largest meme coin in the world, fell 10.45% in response to the news, and as of 10:06 pm ET, according to CoinMarketCap, the token’s price is $0.1189. While the token’s market capitalization decreased by 11.79%, the trading volume fell by 41.60%.

The news that Musk would buy Twitter sent Dogecoin prices to their highest since April. As a result, it is now the eighth-largest cryptocurrency by market capitalization.

The Dogecoin community expected Elon Musk, one of the greatest supporters of the DOGE token and refers to it as the “people’s cryptocurrency,” to make adjustments that would benefit the meme coin.

Musk has repeatedly argued that it was rational to include digital payments on the network to ease direct transactions within Twitter. In June, at his first meeting with Twitter staff, he stated that “it would make sense to integrate payments into Twitter so that it’s easy to send money back and forth, and if you have currency as well as crypto.”

He continued, “My goal would be to maximize the usefulness of the service—the more useful it is, the better, and if one can use it to make convenient payments, that’s an increase in usefulness.”

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Jane Manchun Wong was the first to report that Twitter was developing a cryptocurrency wallet with deposit and withdrawal functionalities. Twitter has unveiled a brand-new service called NFT Tweet Tiles that enables users to buy and trade NFTs via tweets, although the development of the “prototype wallet” has been put on hold.

NFT Tweet Tiles was introduced as a collaboration involving Magic Eden, the largest NFT marketplace on the Solana blockchain; Rarible, a multi-platform NFT marketplace protocol, Dapper Labs, a developer of the Flow blockchain; and, a sports-focused platform.

More planned modifications for Twitter were forthcoming, according to the Platformer report. The report stated that while some are still in “exploratory changes,” the “mercurial” Musk may change his mind about them.

The report stated, “The Blue team has reportedly been told to finish writing code for paid verification on Saturday, with plans to launch on Monday. The product formerly known as Super Follows, which lets creators put some of their tweets behind a paywall, is set to relaunch as “subscriptions” on November 11.”

Final Thoughts

The recent changes on Twitter are to be expected since the takeover of new CEO Elon Musk. The majority of the users on the platform are on total polar ends when it comes to these new policies and modifications. Some users believe this modification is for the best, while others think that some of these changes will affect the regular dynamics and usage of the Twitter platform.

About Author

Florence Anderson
In-depth Crypto Researcher, with a decade's experience in cryptocurrency and blockchain technology. Highly innovative and open-minded.

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