Amid Dogecoin volatility after Elon Musk 'SNL' show, Robinhood crypto trading goes down again
Dogecoin's price plunged late Saturday and early Sunday
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Investment platform Robinhood crashed early Sunday morning after billionaire Elon Musk – a longtime advocate for Dogecoin – called the cryptocurrency "a hustle."
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Musk, CEO and founder of Tesla, Inc., hosted NBC’s "Saturday Night Live" late Saturday, and was playing the role of "Financial Expert Lloyd Ostertag" on a segment of the show’s "Weekend Update" when the cryptocurrency came up.
Asked "what is dogecoin?" Musk goes through a series of explanations before telling Michael Che: "It’s the future of currency. It’s an unstoppable financial vehicle that’s going to take over the world … I keep telling you, it’s the cryptocurrency you can trade for conventional money."
Che responds: "Oh, so it’s a hustle," to which Musk concedes, "Yeah, it’s a hustle."
Dogecoin’s stock price plummeted thereafter, and with it, free investment platform Robinhood’s crypto trading capabilities.
"We are aware that customers may be seeing crypto orders display as ‘pending’ for an extended period of time. We are experiencing a delay in order status updates and will provide an update here when the issue is resolved," the company tweeted early Sunday morning.
Users' response to the crash was swift, with at least one person calling it "truly unbelievable.
Roughly 90 minutes later, Robinhood’s Chief Operating Officer, Christine Brown, tweeted that company was "looking into who may have been impacted by our downtime tonight, and will be reaching out to affected customers."
AMID ETHEREUM, DOGECOIN SURGE, ROBINHOOD CRAPS OUT
As of 8:30 a.m. ET, Robinhood’s status check webpage showed that the platform’s systems were all operational. Meanwhile, dogecoin's price was down just over 34% in the last 24 hours, according to coinddesk.com.
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It was not the first time Robinhood experienced such issues in recent weeks. Just earlier in May, Robinhood experienced an outage as Dogecoin and another cryptocurrency, Ethereum, reached record highs.