Robinhood Faces Outrage During the Slump in Dogecoin

Robinhood​, a US-based trading platform, has faced technical issues on Sunday morning, resulting in thousands of its users being unable to access the platform. The outrage occurred as Dogecoin (DOGE) slumped nearly 30% following Elon Musk's "Saturday Night Live" debut.  

Despite the TESLA CEO's vigorous publicity, the mentions of Dogecoin failed to maintain the growing popularity of the cryptocurrency. Instead, the meme-inspired cryptocurrency fell as much as 29.5% from $0.70 before the show to around $0.50 at one point.

While the price of Dogecoin started to drop in conjunction with Musk's show, a growing number of Robinhood users found that they were unable to access their accounts.

At 12:22 pm (PDT), the platform first officially reported the outrage on Twitter. "We're currently experiencing issues with crypto trading. We're working to resolve this as soon as possible," Robinhood informed its clients.

Customers voiced their displeasure on Twitter about access failures that were hindering activity at the platform, preventing them from avoiding significant losses during a cliff-dive in the price of Dogecoin.

After half an hour, the platform further announced on Twitter that its "crypto trading was back up and running", but added that due to "high trading volume and volatility", some of its customers "might see some intermittent issues".

This is not the first time that Robinhood faced technical difficulties recently. As Fazzaco exclusively reported late last month, withdrawal from Robinhood account to bank account has been disabled​ for a short period on April 28 due to unidentified reasons.