The latest developments surrounding the performance of Dogecoin (DOGE) suggest that its value has taken a hit.
The data suggests that the trading price of DOGE has moved downward due to recent developments involving Twitter.
Twitter Halts Crypto Wallet Production
Just recently, Twitter announced that it was working on the development of its own cryptocurrency wallet.
However, the latest publications made by Twitter have confirmed that the platform has halted its development. For now, Twitter is not working on building the cryptocurrency wallet.
The reason behind the halt is the changes that have been introduced by Elon Musk. The richest man in the world has continued making huge changes to Twitter ever since he acquired the social media giant.
As a result, the development of the cryptocurrency wallet has ceased until things get back to normal. Elon Musk seems to be making many changes to the platform and the development of the wallet may not continue until the changes take place.
DOGE Price Moved Negative
Following the announcement, the trading price of Dogecoin started to move in a negative direction. According to the statistics, DOGE’s trading price reportedly sunk 10% and it all happened due to the announcement made by Elon Musk.
For almost a couple of years, Elon Musk has continued advocating DOGE to the entire cryptocurrency industry. He could be considered as the only reason why the meme coin caught the eyes of investors in the first place.
This helped DOGE not only hit a high trading price but also helped it earn a spot in the list of top 10 cryptocurrencies by market valuation.
Time after time, the trading price of DOGE has continued reacting to the comments and mentions made by Elon Musk. The investors invested heavily whenever Elon Musk had something to say about DOGE.
DOGE’s price surged even when Musk announced in April 2022 that was interested to get his hands on Twitter. As more developments took place involving Twitter, DOGE’s price has continued surging.
DOGE Hit its Highest Point since April
Since April, when DOGE experienced the only rally in 2022, it was on October 28 when DOGE’s price surged. It surged and hit the highest trading value from year to date after reports came Musk had acquired Twitter.
Since the announcement, DOGE’s trading price had more than doubled but the latest reports have pulled its trading value.
The positive Elon Musk injected into DOGE has finally vanished as it was reported that Twitter is discontinued the development of the crypto wallet.
Twitter is yet to respond to any questions posed by the crypto reporting firms about the ceasing of crypto wallet’s development.