Dogecoin fell on Friday as hopes faded that the “meme” cryptocurrency favored by Elon Musk could get a boost from the integration of cryptopayments into his recently acquired Twitter.

Plans to create a cryptocurrency wallet for Twitter appear to be on hold, Silicon Valley tech newsletter Platformer reported Thursday. The announcement was enough to cause Dogecoin to drop 11 percent in the past 24 hours to less than 12 cents a token, having reached a recent peak of nearly 16 cents on Tuesday.

Twitter did not immediately respond to Barron’s request for comment.

The rally that caused Dogecoin to burst upward appears to be weakening, and if the Platformer report is correct, the fundamentals of what was a speculation-driven rally have been completely undermined. Market fundamentals suggest Dogecoin is vulnerable to a collapse, given the rush of traders pouring into a crowded trade using leverage or money borrowed from brokers, which could amplify price swings.