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May 4, 2021 08:45 pm

Dogecoin Spike Crashes Robinhood Token Trading

Robinhood's trading app crashed for around an hour this morning, as Dogecoin hit record highs and Ethereum continued to gain ground. The outage is reminiscent of the Robinhood-GameStop fiasco last January, where Robinhood deliberately blocked users from trading GameStop stock as it catapulted in value. The Verge reports: Robinhood ran into issues processing cryptocurrency trades this morning, during a spike in the price of Dogecoin that sent users flocking to the app. The website DownDetector shows the outage starting around 9:30AM ET and reducing in severity about an hour later. Robinhood confirmed that it experienced a "partial outage" in crypto trading and said the issues had been resolved as of 11:15AM ET. The outage was particularly noticeable since it came during a spike (and subsequent dip) in Dogecoin prices. Coins were priced at around $0.40 USD at the beginning of the day. Around 8AM ET, they spiked past $0.50 USD and reached as high as $0.60 USD near 10AM ET. Users were quick to voice their frustrations with the app on Twitter, seeing it as a repeat of the situation that happened in January when Robinhood limited trading on buzzy, soaring stocks, including GameStop and AMC. In the app this morning, a message told users, "We are experiencing intermittent issues with crypto trading. We are working to resolve this issue as soon as possible." Meanwhile, the price ticker on Dogecoin continued its rapid flip up and down.

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