Robinhood users often experience glitches during frenzy trading activities. Thousands of users on the platform were inconvenienced after failing to access accounts following DOGE’s 30% dip.
Following Elon Musk’s announcement that he would appear on Saturday Night Live, Dogecoin’s prices shot upwards, with the currency trading at around $0.70 on May 8. However, its market suddenly crashed, and DOGE holders suffered massive losses.
Fails to meet expectations
The crypto community was hyped about Elon Musk’s appearance on Saturday Night Live. However, his appearance did not meet expectations. Most speculators anticipated crypto prices, especially Dogecoin, to shoot significantly following Musk’s appearance. However, the reverse happened. Before appearing on the show, Dogecoin was trading at $0.70, which dropped to around $0.50 afterward.
Musk mentioned Dogecoin several times during the show. During the first 14 minutes, the billionaire joked about giving his mother DOGE as a mother’s day gift. After the billionaire’s mother said, “I am excited for my Mother’s Day gift. I just hope that it’s not Dogecoin,” Musk responded, “It is. It sure is,”
He later mentioned DOGE after SNL’s hosts, Colin Jost and Michael Che, asked him to elaborate what Dogecoin was. In response, Musk said, “It is the future of currency, it as an unstoppable financial vehicle that is going to take over the world.”
Even with all the mentions and hype surrounding Musk’s nickname as the Dogefather, the SNL appearance failed to boost DOGE’s prices. However, Musk has been instrumental in Dogecoin’s price hike from $0.05 in April to above $0.50.
Trading Glitches on Robinhood
When the SNL show was going on, traders on Robinhood realized a crash on the app. Users were not able to access their accounts as soon as DOGE prices started declining. Robinhood responded to this on twitter stating, “We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible.”
After thirty minutes, Robinhood tweeted that the glitches on the app had been fixed. The platform explained that the glitches were caused by a surge in trading activities and high market volatility.
Robinhood users have been periodically suffering from breakdowns during high market volatility. In April, the trading app crashed again after Dogecoin’s price increased by 100%. It crashed yet again after a jump in Gamestop.
However, at around 6.00 am GMT, Robinhood announced the full resumption of its services. The crash had lasted for nearly two hours, and its team is still looking into issues that may have caused it.