As DOGE Explodes, Robinhood Crypto Trading “Experiencing Issues” For Second Day

As DOGE Explodes, Robinhood Crypto Trading “Experiencing Issues” For Second Day

After crowing of a blockbuster first quarter growth in crypto trading, it would appear Robinhood is struggling to cope as for the second day in a row, the app-based brokerage is “experiencing issues”.

This also happened yesterday…

Last week, the company reported that 9.5 million users traded digital assets on its platform during the first quarter of 2021, a sixfold increase from the previous quarter.

Robinhood provides commission-free trading for several major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC) and Ethereum Classic (ETC). It provides real-time market data for nearly a dozen more digital assets.

However, this morning, users are seeing the following message: “XXXXXX trades may not execute right now.”

Perhaps it is the utter chaos that is occurring in DOGE…

As Decrypt notes, Dogecoin (DOGE), the so-called “joke” cryptocurrency invented as a riposte to Bitcoin (BTC), is up more than 225% in the past 24 hours, and now has a market value of more than $54 billion, according to data from Nomics. 

In contrast to Dogecoin, Bitcoin fell by around 4% to $60,712 in the same time period, after Turkey’s central bank banned cryptocurrency payments. DOGE is now worth $0.42, up more than 5,000% in 2021, putting Bitcoin’s seemingly impressive gains (797%) in the same time frame in the shade. 

The latest pump boosts Dogecoin to the fifth-largest cryptocurrency by crypto market capitalization, and may well have contributed to the major outage on the Robinhood trading platform.

And in case you thought it was just retail messing around in this ‘joke’ currency, one wallet has a stunning $1.3 billion worth in it…

And another wallet has a stunning $14.9 billion in it (Elon?)


Users are unhappy…

How long before Robinhood bans DOGE trading?

Tyler Durden
Fri, 04/16/2021 – 10:42

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