Dogecoin rally dented by report that Musk might table Twitter's crypto plans

Quick Take

  • Dogecoin’s price dipped as doubt was cast over Musk’s crypto Twitter plans.
  • Dog-themed memecoins have rallied following the billionaire entrepreneur’s $44 billion Twitter acquisition. 

Dogecoin's Twitter deal-fueled rally hit a speed bump overnight as reports suggested Elon Musk might table the social media site's crypto ambitions. 

Such plans appear to be on pause as Twitter looks set to lay off staff this week, Platformr reported. Crypto had been expected to play a role in Elon Musk's vision for Twitter, and the billionaire entrepreneur's predilection for dogecoin sent the price of the meme-themed cryptocurrency above $0.10 last week. 

Dogecoin rallied over 50% last Saturday after Musk completed his takeover of Twitter. Dogecoin is up over 60% in the past seven days. However, it pared some of these gains overnight. 

Dogecoin was trading at $0.126 at 11:00 a.m. ET, down around 5% from $0.135 on Thursday.

Dogelon Mars lost around 5%, although the memecoin has risen 60% since Musk's takeover. Shiba Inu and Floki Inu also rallied by 17.2% and 49%, respectively.

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