Twitter suspends development of a cryptocurrency wallet

After purchasing Twitter, Elon Musk introduced various changes: massive layoffs, a paid subscription for Twitter Blue at $ 8 per month, integration of Vine short videos, placement of paid videos and paid posts, and much more. The long-awaited launch of a cryptocurrency wallet on the platform also fell under the billionaire’s «hot hand» — product development is currently on hold.

According to Jane Manchun, a former Twitter employee, the cryptocurrency wallet was supposed to support deposits and withdrawals for social media users. Before Musk’s arrival, the platform did not disclose additional information about the cryptocurrency wallet’s functionality. It is worth noting that many active members of the crypto community have criticized the very idea of its creation from the very beginning.

Amid the news of the suspension of the development of a cryptocurrency wallet for Twitter, the rate of Musk’s favorite meme cryptocurrency Dogecoin fell by more than 11%. Analysts say that the drop in DOGE is caused by Musk’s overzealous activity. Initially, the controversial Twitter acquisition deal was seen by experts as a positive development for Dogecoin. Musk has repeatedly hinted at the potential integration of the meme coin into the social platform, but so far, it remains just words.

At the time of writing, DOGE is trading for $ 0.13, which is 3.69% less than 24 hours ago. The market capitalization of the meme coin is $ 17.2 billion, and traders have made daily deals worth $ 570 million.