The price of Dogecoin is now down more than 11% after Platformer reported that Twitter had halted the development of a cryptocurrency wallet.
This came shortly after Tesla CEO Elon Musk took over the social media company.
The controversial acquisition deal was viewed as a positive development for Dogecoin. Musk has repeatedly hinted at potentially integrating the meme coin into the social platform, but it remains merely a theoretical possibility for now.
Earlier this week, Bernstein said that expecting Twitter to have a crypto future wasn’t “unreasonable.”
The price of Dogecoin saw a triple-digit rally after Musk acquired Twitter, but the meme coin is now among the worst-performing altcoins over the past 24 hours due to the Platformer report.
As reported by U.Today, tech blogger Jane Manchun Wong revealed last month that Twitter was working on its own wallet prototype.
Last September, Twitter introduced a feature that makes it possible for content creators to receive tips in Bitcoin. The company later added support for Ethereum in February after Jack Dorsey stepped down as CEO.
A few months ago, the social media platform also allowed its users to turn their non-fungible tokens into profile pictures.