Twitter cuts cryptocurrency plans, DOGE falls

Twitter cuts cryptocurrency plans, DOGE falls

Over the course of the past day, the price of dogecoin has decreased by more than 11%. After having previously announced that it will pause development of its cryptocurrency wallet, Twitter has now done so. All of these events take place in the middle of the ongoing crisis around layoffs a

 

The Dramas of the Takeover
Since Elon Musk acquired control of the corporation, there have been a number of events and developments that have sparked controversy. The takeover was seen as a positive development that would work out well for Dogecoin in the long run. Elon Musk has continued to give the impression that the cryptocurrency will eventually be integrated into Twitter.


It seems more like a theoretical positioning at this point rather than an actual work-in-progress at this point. Bernstein, on the other hand, stated at the beginning of the week that it was not unreasonable to anticipate Twitter to implement a crypto function. Following Musk's purchase of Twitter, the value of dogecoin experienced a surge of three times its previous level. However, the meme token experienced a dramatic price decrease yesterday, making it one of the altcoins with the lowest value.

Early on, some news outlets reported that Twitter was working on developing its own own wallet. According to the information provided by Jane Manchun Wong, the business initially desired to develop a prototype. The cryptocurrency wallet was meant to give customers the ability to take out and put money into their cryptocurrency holdings.

Take note that Twitter has recently brought out a function that allows users to now tip content creators with Bitcoin. In February, the company also made the Ethereum payment option accessible to users. Users of the social media site now have the ability to incorporate their NFTs into their profile pictures according to a recent update.

Other Preparations
With the addition of the cryptocurrency wallet, it was anticipated that Twitter will be able to function as a web3 platform. However, at this point in time, nobody really knows how the tide or the events could swing in any direction. Thursday was a particularly long day of waiting for employees of Twitter as they awaited the decision of the company's millionaire creator.

Since the takeover had been successfully executed, they had nearly become accustomed to the silence from the leadership. In addition to the incorporation of Dogecoin, there have been some decisions on the route map that have been circulating. While others, such as Dogecoin, remain the subject of conjecture, some have been proven beyond a reasonable doubt.


Ojike Stella

1727 Blog posts

Comments
Chick Chock 1 y

Hmm 😏