Trading Platform Robinhood Crashes Amid Dogecoin Frenzy

Jafrin  |  May 5, 2021

Robinhood brokerage platform faced issues with crypto trading amid an outpouring of demand for Dogecoin. Interestingly, this is the second DOGE-related crypto trading outage on Robinhood in a matter of weeks. On April 16th, Robinhood said that enthusiasm for Dogecoin led to “sporadic crypto order failures.” At the time, the company said “These interruptions aren’t acceptable to us.”

Robinhood Crashes Amid Dogecoin Frenzy

The outage starting around 9:30 AM ET. Later, the trading platform confirmed it had experienced a “partial outage” in crypto trading and that the issues had been resolved as of 11:15 AM ET.

The outage lasted around one hour that took place as Dogecoin touched new record highs.

This isn’t the first time Robinhood has experienced issues while trading. In January, the platform blocked trading in volatile stocks such as GameStop and AMC during the buying frenzy prompted by Reddit group r/WallStreetBets.

Similarly, just weeks ago in April, Robinhood faced technical issues due to the increased crypto trading volumes during a near 15% sell-off in bitcoin (BTC).

Dogecoin currently ranks as the 4th largest cryptocurrency in market cap with a market capitalization of $88 million. The cryptocurrency last hit an all-time high of $0.686020 and currently trading at $ 0.680291 at the time of writing. 

Gemini Exchanges Lists Dogecoin

With increased platform crashes, Dogecoin now has more trading options.

On May 5, the Gemini cryptocurrency exchange owned by the Winklevoss twins announced support for the meme-based cryptocurrency.

In the announcement release, Tyler Winklevoss, Gemini CEO, said:

"Dogecoin is the people's money. It's organic, irreverent, and fun."

Gemini joins a growing list of platforms showing support for the meme token from Coinbase to Kraken.

Trading against the U.S. dollar will begin on the platform’s API and active trader applications. Following a successful rollout, Gemini will soon open DOGE trading on its mobile app and website.

Besides the U.S. Dollar, Dogecoin will be tradeable in Gemini against several fiat currency trading pairs such as British Pound, Euro, Canadian Dollar, Australian Dollar, Hong Kong Dollar, and Singapore Dollar.

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