As DOGE Explodes, Robinhood Crypto Trading "Experiencing Issues" For Second Day

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by Tyler Durden
Friday, Apr 16, 2021 - 10:42 AM

After crowing of a blockbuster first quarter growth in crypto trading, it would appear Robinhood is struggling to cope as for the second day in a row, the app-based brokerage is "experiencing issues".

This also happened yesterday...

Last week, the company reported that 9.5 million users traded digital assets on its platform during the first quarter of 2021, a sixfold increase from the previous quarter.

Robinhood provides commission-free trading for several major cryptocurrencies, including Bitcoin (BTC), Bitcoin Cash (BCH), Bitcoin SV (BSV), Dogecoin (DOGE), Ether (ETH), Litecoin (LTC) and Ethereum Classic (ETC). It provides real-time market data for nearly a dozen more digital assets.

However, this morning, users are seeing the following message: "XXXXXX trades may not execute right now."

Perhaps it is the utter chaos that is occurring in DOGE...

As Decrypt notes, Dogecoin (DOGE), the so-called "joke" cryptocurrency invented as a riposte to Bitcoin (BTC), is up more than 225% in the past 24 hours, and now has a market value of more than $54 billion, according to data from Nomics. 

In contrast to Dogecoin, Bitcoin fell by around 4% to $60,712 in the same time period, after Turkey’s central bank banned cryptocurrency payments. DOGE is now worth $0.42, up more than 5,000% in 2021, putting Bitcoin's seemingly impressive gains (797%) in the same time frame in the shade. 

The latest pump boosts Dogecoin to the fifth-largest cryptocurrency by crypto market capitalization, and may well have contributed to the major outage on the Robinhood trading platform.

Users are unhappy...

How long before Robinhood bans DOGE trading?