Sunday, November 27, 2022

Dogecoin Plunges As Twitter Pauses Work On Crypto Wallet

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The crypto market’s everyone’s darling, Dogecoin (DOGE), is currently facing a price slump. The DOGE price recorded double-digit losses (-10%) at times over the past few hours.

The sell-off comes after tech news website Platformer reported that Twitter has halted development of its cryptocurrency wallet. “A recently revealed plan to build a crypto wallet for Twitter appears to be on pause as well,” the article says.

Dogecoin Soon On Twitter – True Or False

The price of the memecoin has benefited massively over the past few days from rumors of an implementation of DOGE on Twitter. As recently as Tuesday, Elon Musk had pumped the Dogecoin price when he tweeted a picture of a Shiba Inu wearing a Twitter shirt and a pumpkin with a Twitter logo.

Even though Musk only added a winking smiley as text, it was clear to the community that DOGE will soon be integrated as a payment method on Twitter. Exactly this rumor seems to be put on hold for now with the insider leak from Platformer.

However, DOGE fans should not give up all hope. Just on Wednesday, a video of Elon Musk became public, in which he discussed improving Twitter’s content and brought into play a payment via Dogecoin. “I’ll pay 10 cents for this article. I’ll pay one Dogecoin,” Musk said.

Bitcoin And Twitter Restructuring

Back last September, Twitter introduced a feature that allows content creators to receive tips in Bitcoin. After Jack Dorsey stepped down as CEO, the company added also support for Ethereum in February.

Strike CEO Jack Mallers tweeted that instant and nearly free Bitcoin Lightning payments should be an accepted payment method on Twitter. Mallers offered his assistance to Musk and said that an implementation could be done within a few days.

Services like @CashApp already support these payments. My company (@Strike) partnered with @Twitter to enable Lightning tips. We even offer the ability to settle these payments in USD, so there is no extra lift for Twitter (settles and reported like a card payment).

This can be implemented in days given we already have a partnership.

As recently as October 24, tech blogger Jane Manchun Wong revealed in a tweet that Twitter is working on its own wallet prototype. The crypto wallet will reportedly support deposits and withdrawals.

Which cryptocurrencies will be supported, when the wallet was expected to be released and whether it will be available to all Twitter users were not made public at the time.

The supposed halt in the wallet’s development coincides with news that Twitter is laying off about half of its employees. According to Bloomberg, Musk’s layoffs are expected to start as early as this Friday. The remaining employees will be asked to return to the office.

At presstime, DOGE was still down 7% over the last 24 hours.

Dogecoin (DOGE) is facing major losses. Source: TradingView

Numisteamone

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