Robinhood Overwhelmed by Dogecoin Selloff After SNL Point out

For weeks, Dogecoin holders have been wanting ahead to Elon Musk internet hosting Saturday Evening Stay, anticipating that the token’s most well-known fan would use his look to advertise the coin.

Although he (and his mother) talked about token a number of occasions all through the course of the present, it did not ship the worth up as many hoped. As an alternative, the worth of Dogecoin, the fourth-largest cryptocurrency by market cap, cratered. Earlier than the present, it was priced at $0.66, close to all-time highs. In the course of the course of the present, it went as little as $0.51 as holders cashed out.

The sell-off coincided with issues at cell buying and selling app Robinhood, one of many major locations for US retail merchants to purchase DOGE.

Robinhood customers took to Reddit and Twitter to complain about their lack of ability to purchase or promote Dogecoin.

It is not the primary time this has occurred. Robinhood Crypto, citing “unprecedented” demand, skilled a number of outages in mid-April. The issues have continued. Simply this previous week, a Dogecoin surge led to a different outage.

In the course of the course of the present, Robinhood reported it was in a position to clear up the problem, claiming the problem was associated to “excessive buying and selling quantity and volatility.”

Satirically, although, Robinhood advised earlier than the SNL airing that every part was beneath management.

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

Make that “pause.”

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