Robinhood Got Overwhelmed Again, This Time By DOGE Selloff

Robinhood got overwhelmed again and this time by Dogecoin right after Elon Musk finished hosting the SNL so let’s read more in our latest DOGE news today.

For weeks, DOGE holders were looking forward to Elon Musk hosting the Saturday Night Live and were waiting to see if the token’s biggest fan will use his appearance to promote the coin. He mentioned the token a few times over the course of the show but it didn’t really sned the price as high as many hoped. The price of DOGE eventually crashed from its all-time high of $0.66. The sell-off coincided with problems on the Robinhood trading app.

Crypto trading is back up and running. Due to high trading volume and volatility, some customers might see some intermittent issues. We’re working hard to provide a smooth experience, and will monitor the situation closely. Check https://t.co/ZS733G6N1J.

— Robinhood Help (@AskRobinhood) May 9, 2021

Robinhood got overwhelmed as it is one of the main choices for US traders to buy and sell DOGE. The app users took to Reddit and Twitter to complain about being unable to buy or sell the coin. This is not the first time that this happened. Robinhood crypto cited unprecedented demand and experienced a lot of outages in mid-April. The problems persisted even now as we saw that the DOGE surge earlier in the week led to another outage. During the SNL show, Robinhood reported that it was able to solve the issue and claimed the issue was related to the high trading volume and volatility.

Update: We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/ZS733G6N1J

— Robinhood Help (@AskRobinhood) May 9, 2021

Ironically, Robinhood suggested before the SNL airing that everything was under control:

“We’re all paws on deck, all weekend.”

As reported previously, The billionaire investors, NBA team owner, and biggest DOGE supporter, Mark Cuban, believe that the DOGE growth is being hampered by trading app Robinhood withdrawal policies. The trading app which has seen a surge in crypto buyers in 2021, explained that it is working on adding new deposits and withdrawal functionality.

We're all paws on deck, all weekend. 🚀

— Robinhood (@RobinhoodApp) May 8, 2021

Billionaire investors and Dallas Mavericks NBA team owner, Mark Cuban became a huge advocate for the cryptocurrency and the meme coin that became quite popular recently and saw surges in value rising from less than a penny to a recent ATH of $0.42. Cuban was known as a Bitcoin Naysayer whose main complaints were how hard it was for the average consumer to spend the leading cryptocurrency. His NBA team added the ability to purchase the club’s merchandise using Dogecoin and has repeatedly called out his rising number of orders which he says is proof of people being able to spend and use the cryptocurrency.