Robinhood Crashes as Dogecoin Plummets 30%

Thousands of Robinhood users have been unable to access their account on Sunday morning, as Dogecoin (DOGE) crashed by over 30%.

Following Elon Musk's Saturday Night Live Appearance on Saturday, Dogecoin's price plummeted. Despite gains for Bitcoin and Ethereum, DOGE saw heavy losses.

Anticipation of Musk's 'SNL' appearance excited investors in Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term, including Dogecoin which saw a record surge in the preceding few days. However, Elon Musk's appearance on the NBCUniversal comedy show failed to maintain the hype around DOGE, despite nicknaming himself 'The Dofefather' and plugging Dogecoin in the show.

During his appearance, the TESLA CEO first mentioned Dogecoin 14 minutes into the show having joked that he was giving his mother Dogecoin for her Mother’s Day gift.

“I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,” she told her billionaire son.

“It is. It sure is,” laughed Musk, with a beaming smile on his face.

And later during the Weekend Update section, he was repeatedly asked by hosts, Michael Che and Colin Jost to explain exactly what the cryptocurrency was.

“It is the future of currency, it as an unstoppable financial vehicle that is going to take over the world,” said Musk.

However, despite the much-hyped publicity, the mentions of Dogecoin saw the cryptocurrency quickly crash from $0.70 before the show to around $0.50. Just last month, Dogecoin stood at just $0.05

Robinhood Crashes... Again

Whilst Musk was hosting, Robinhood users found they were unable to access the trading app as the price started to fall. As the price crashed further, more people were left unable to access their accounts. Robinhood took to Twitter to say, “We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible.”

After half an hour, Robinhood Tweeted that they were “back up and running”, but because of the “high trading volume and Volatility Volatility In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad In finance, volatility refers to the amount of change in the rate of a financial instrument, such as commodities, currencies, or stocks, over a given time period. Essentially, volatility describes the nature of an instrument’s fluctuation; a highly volatile security equates to large fluctuations in price, and a low volatile security equates to timid fluctuations in price. Volatility is an important statistical indicator used by financial traders to assist them in developing trading systems. Trad Read this Term, some customers might see some intermittent issues.”

However, this is not the first time that Robinhood users have been unable to access their accounts and make any trades in a period of high volatility. Just last month, Robinhood crashed as DogeCoin jumped 100%. Prior to that, Robinhood suffered a number of outages during the Gamestop surge.

Just after 6 am GMT, after approximately just short of 2 two hours of issues, Robinhood reported service resumed

The issues affecting crypto trading have been resolved. We’re continuing to monitor the situation, and will update you further if there are any additional issues. We’re sorry if you were impacted. For additional help, contact us at https://t.co/adhugIHVGR.

— Robinhood Help (@AskRobinhood) May 9, 2021