Dogecoin Sinks 10% As Elon Musk's Twitter Reportedly Suspends Work On Crypto Wallet

Twitter is reportedly halting its plan to launch a cryptocurrency wallet, days after Elon Musk announced a plethora of changes since taking over the microblogging platform. The news appears to have significantly dented Dogecoin DOGE/USD.

What Happened: According to Platformer, a recently revealed plan to build a cryptocurrency wallet for Twitter appears to be on pause. As a result, DOGE tumbled 10.86% in the last 24 hours. DOGE is trading at $0.1188, at the time of writing

Musk has been a vocal supporter and an active DOGE investor. In fact, since his Twitter acquisition, the meme coin has skyrocketed over 150% between Oct. 25 and Oct. 29.

See More: Is Dogecoin a Good Investment?

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Crypto analyst Justin Bennett pointed to Dogecoin’s hourly chart and said it looked “interesting.” “The apex comes into play before Friday NFPs though so be careful,” he warned in a tweet.

The company is expected to lay off more than 50% of its employees, as per a Bloomberg report.

Twitter did not immediately respond to Benzinga's request for comment.

Price Action: Bitcoin BTC/USD and Ethereum ETH/USD traded in the green, up by 0.54% and 1.14% in the last 24 hours, according to data from Benzinga Pro.