Robinhood ‘issues’ prevent trading during massive Dogecoin rally

Robinhood

The mobile trading platform Robinhood reported on Thursday night that it was “experiencing issues” related to cryptocurrency trading amidst a Dogecoin rally.

“We’re currently experiencing issues with crypto trading. We’re working to resolve this as soon as possible,” the company tweeted.

That announcement did little to calm irritated investors looking to cash in on the Dogecoin surge. The cryptocurrency was up almost 141 percent at one point in the evening but Robinhood users were unable to sell.

This is one of at least two outages on the platform this week that has prevented trades from executing properly. In addition, Robinhood was caught up in a controversy back in January when it froze GameStop and AMC stocks. That move drew bipartisan criticism from lawmakers in Congress.

The meme cryptocurrency is no longer a joke

Dogecoin may have seemed like a joke to some, but the meme-inspired cryptocurrency currently has a market capitalization of $35.4 billion. That’s according to Coinbase, a rival trading platform of Robinhood’s that just went public this week.

The Coinbase IPO was a highly anticipated event this week on Wall Street and drew interest from investors both large and small. The company is now valued at $63.5 billion as of the close of business on Thursday.

As for Dogecoin, the cryptocurrency is up almost 371 percent over the past month and 13,129 percent over the past year.

This article is intended for informational purposes only. Consult a financial professional for financial advice.

Tags: , , , , ,