Cryptocurrency

Dogecoin slips 10% amid reports of Twitter pausing crypto wallet plans

Dogecoin’s value recently slipped around 10 percent amid reports of social media giant Twitter pausing its crypto wallet plans.

The meme-based cryptocurrency tumbled 10.86 percent on November 3 but marginally recovered on November 4. It was valued at $0.13 at the time of writing this report.

Cryptocurrency observers linked the decline in Dogecoin’s value to a report in Platformer, on November 3, which claimed that Twitter’s crypto wallet plans will not move ahead for now.

“A recently revealed plan to build a crypto wallet for Twitter appears to be on pause,” the article said.

Moneycontrol could not independently verify the development.

Dogecoin, notably, rose meteorically since last year, after billionaire Elon Musk began promoting it. After Musk acquired Twitter last week, the coin’s value nearly doubled.

Musk’s takeover of Twitter is expected to change the company’s roadmap, and there is a possibility that he may push for crypto-favourable initiatives.

Twitter’s development team on October 27 announced that a new experimental feature will allow users to buy and sell non-fungible tokens (NFTs) through tweets posted on the microblogging site.

The trading will be enabled through partnership with four marketplaces – Rarible, Magic Eden, Dapper Labs and GuardianLinkā€™s Jump.trade.

The feature is to be rolled out on a pilot basis using ‘Tweet Tiles’ — an interactive customisable widget which was earlier tried by Twitter in collaboration with news media companies New York Times, Wall Street Journal, and The Guardian.