What happens to dogecoin if Twitter fails to implement its crypto-currency plans?

The price of dogecoin has climbed along with optimistic news about Elon Musk’s purchase of Twitter. It continues to hold such high values even in a bear market as Musk, who has publicly expressed support for the meme currency in the past, is expected to integrate the crypto-currency into the social media platform. However, Musk has shown no indication of doing so so far, so what if the crypto is not implemented in Twitter?

Twitter abandons its crypto-currency plans

The arrival of Elon Musk as the head of Twitter has raised a lot of expectations, especially among crypto-currency investors. At first, it seemed that the billionaire was planning to go ahead with his plans to implement and make crypto an important part of the platform. But that changed with the news that came out of the market on Friday.

Twitter has reportedly officially halted its plans to develop its crypto-currency wallet feature. The product would have allowed users to send, receive and store crypto-currencies on the social media platform, but has now been shelved following massive layoffs by the company.

On Thursday, the social media platform cut its workforce by 50 percent and reportedly focused its workforce on other products, including Musk’s proposed $8 verification fee. The platform reportedly wants to launch the feature in November, alongside a product previously called “Super Follows“. The latter would be relaunched in the form of “subscriptions” allowing creators to place their content behind a paywall.

Naturally, the products Twitter chooses to implement, (or not implement), will have an impact on the price of Dogecoin, which is already apparent given the meme currency’s performance early Friday.

Dogecoin now follows Twitter

Elon Musk’s position in the Dogecoin community and his ownership of Twitter means that the meme currency’s performance is now closely tied to Twitter’s. This has been proven after the acquisition and now after Twitter’s announcements.

On Friday, the price of Dogecoin dropped 10 percent after the announcement that Twitter would halt development of its crypto-currency wallet. So while most of the market was seeing green, DOGE had plunged in tandem with Twitter’s share price of $53.85 before the start of the trading day.

DOGE is likely to see its price drop further if no definitive crypto plan for Twitter is made public in the coming weeks. This also applies to the addition of DOGE as a payment method in the “Tip Jar“. The coin meme has already lost more than 25% of its Tuesday highs and could see more downside as the market enters the weekend.