Musk Putting Twitter’s Cryptocurrency Aspirations on Hold Dampened the Price of DOGE

As rumors claimed Elon Musk would put the social media platform’s cryptocurrency plans on hold, the Twitter agreement of Dogecoin (DOGE) rise encountered a roadblock overnight.

As Platformr revealed, Twitter appears to be planning to fire employees this week, so these preparations seem to be on hold. Elon Musk’s plans for Twitter had been anticipated to include cryptocurrency, and the preference for Dogecoin (DOGE) of Elon Musk caused the value of the cryptocurrency to rise past $0.10 the week before.

Following Musk’s completion of his acquisition of Twitter, Dogecoin (DOGE) saw a gain of over 50% on the weekend. Over the last week, Dogecoin (DOGE) has increased by more than 60%. Yet, in a 24-hour period, it reversed some of these gains.

Even while the memecoin has increased by 60% since Musk’s acquisition, Dogelon Mars (ELON) lost about 5%. Floki Inu (FLOKI) and Shiba Inu (SHIB) both experienced respective gains of 49% and 17.2%.

Dogecoin (DOGE) is currently hovering around $0.12.