Twitter Halts Work on Crypto Wallet: Report; Dogecoin Drops 4%

Social media platform Twitter has halted its plans to build a crypto wallet as part of ongoing changes kickstarted last week by its new owner, Elon Musk, the online publication Platformer wrote Thursday.

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

Dogecoin recently fell more than 4%. The popular meme coin's price has consistently reacted to Musk's activities and pronouncements. The billionaire entrepreneur and Tesla CEO has been a major advocate for the token.

DOGE spiked more than 16% as Musk's Twitter deal neared completion last week and this week rose to its highest level since April, over 13 cents, on anticipation that he might push crypto favorable initiatives.

The company is expected to lay off about half its employees, according to a Bloomberg report on Thursday, citing unnamed sources. Last week, Musk ousted his CEO and other senior executives, and in the past has made no secret of his intent to change Twitter's direction.

At the time of publication, Twitter had not responded to a CoinDesk request for comment about its plans for the crypto wallet.

Read More: Dogecoin Led the Pack Among Cryptocurrencies in October With 17 Times Bitcoin's Gains