As part of ongoing reforms initiated last week by its new owner, Elon Musk, the social media site Twitter has paused its ambitions to develop a cryptocurrency wallet, an online newspaper said on Thursday.
Following the announcement, Dogecoin (DOGE) has witnessed a more than 10% decline. The price of the well-known meme coin has regularly responded to Musk’s actions and statements. The CEO of Tesla and multi billionaire entrepreneur has been a strong supporter of the token.
In anticipation that Musk will promote cryptocurrency-friendly efforts at Twitter, the meme coin had more than doubled in value over the previous week when the purchase was finalized, reaching its highest price since April.
The meme coin reached a new high of $0.16 after increasing by more than 150% in just seven days. During this time, investors have likely taken advantage of the circumstances to sell some of their coins for a profit. The most notable of these were the biggest DOGE investors, who sold tokens worth millions of dollars for sale.
These massive whales, who hold 63.71% of the total supply of cryptocurrencies, have sold tokens valued at almost $110 million. Over $180 million worth of DOGE has been moved onto major exchanges.