Less than two weeks after announcing its plan to create a crypto wallet, Twitter paused the creation.
The application, which after a highly publicized sale was sold and is now owned by Elon Musk, announced its plan to create a crypto wallet. As a result, Dogecoin’s price skyrocketed, going as far as more than doubling its price after the news came out. The announcement was met with enthusiasm by owners of Dogecoins as their coins gained more worth. For Twitter crypto enthusiasts, it was a chance to comfortably follow their interests in crypto while using the social media application.
Dogecoin has always been a project to which Elon has given massive support, and it continues to be affected by his activities on social media. However, the collective joy and enthusiasm have been cut shut as Twitter has reportedly paused work on the crypto wallet. The news again affected Dogecoin’s price, bringing it down by a whopping 10%. This news comes amidst the restructuring happening on Twitter.
Twitter decided to lay off half of its employees, and this may have the push behind the wallet creation coming to a sharp halt. It is still being determined if the creation of the Twitter crypto wallet will pick up after the company has stabilized, but this may be the case.
What Is Next?
Twitter’s creation of a crypto wallet was highly publicized and anticipated. Another social media platform may pick up the idea and create their crypto wallet and steal the view right from twitter’s feet, or it could be to the advantage of Twitter as it may draw in people’s curiosity, and they will anticipate its creation even more.
If Twitter announces the resumption of its creation, it could create a big boost and even more excitement surrounding it. People would look forward to the first crypto wallet built by an established social media platform, primarily since Twitter is always known as a platform accepting cryptocurrency and practically a space for the Web3 space to thrive.
Twitter, most importantly, has to be stabilized for any creation to continue, so it may take a while for the creation of the wallet to continue as a new administration just stepped in, and they need to settle into the system, especially with 50% of the employees now gone.
How Would The Pause On The Wallet Creation Affect The Crypto Space?
The hype surrounding the creation of a wallet like that would have created more traction for the crypto ecosystem as more people would flock to it from Twitter. Thousands worldwide need to learn more about crypto, but they are all over Twitter.
The wallet helped drive a new demographic of users to the blockchain industry. Social media platforms have always been a significant influence on the cryptocurrency space. They help convey information about the happenings in the crypto ecosystem and also help promote content related to cryptocurrency and crypto projects. A great link between the cryptocurrency space and social media is content creators, influencers, and tech gurus being attracted to crypto. Elon Musk is one of these influences in crypto, as his actions can positively or negatively affect The top meme coin, Dogecoin.
Crypto created a new avenue for content creators to earn from their work, and eventually, both crypto and social media have gone through massive growth side by side.
Social media can make or break a budding cryptocurrency project, depending on how it is used.
People’s choice in investing could also be influenced by what is being said on social media about it. As in this case, what is being discussed on Twitter about the pause on the creation of the wallet can affect crypto prices, which has already impacted Dogecoin. However, the positive effect of the news of a crypto wallet creation on the coin was higher than the adverse effects, as the prices went more than double when the news was announced and only went down by 10% when the creation was halted.
Conclusion
It could be a positive or negative thing for the creation of this innovation to be halted as they could either choose to use this time to come up with more ideas to make the wallet better and come back with a more significant boost. Or the hype for the wallet could have died down, especially if another social media platform decided to take on the task of creating a cryptocurrency wallet and steal the thunder and hype for themselves.
