Dogecoin (DOGE) Faces Sharp Decline Amid Twitter Crypto Wallet Project Rumors

Dogecoin (DOGE) has seen a significant drop following rumors that Twitter may be halting its crypto wallet project.

Twitter has continued its sweeping changes under billionaire Elon Musk. Recent reports suggest that the social media platform may have paused its plans to develop a proprietary crypto wallet, according to a source from Platformer.

Although the details remain unclear, the news was enough to cause a nearly 10% decline in the price of Dogecoin (DOGE). This cryptocurrency had experienced a meteoric rise recently due to Elon Musk's acquisition of Twitter.

15m Chart of DOGE/USDT on Binance as of 08:05 AM on 04/11/2022

In addition, Elon Musk has expressed a desire for the Twitter team to focus more on his strategic plans, which include implementing an $8/month subscription feature and developing a paid video product to attract content creators (similar to the old Vine).

Previously, details about Twitter's crypto wallet project had only been leaked at the end of October, featuring basic functions such as deposits and withdrawals but lacking any information on supported cryptocurrencies.