Robinhood, a leading crypto trading platform, faced some technical issues today after cryptocurrency Dogecoin jumped nearly 100% in less than 24 hours.
According to an official announcement by Robinhood, the trading platform saw unprecedented demand for its cryptocurrency services. Dogecoin touched an all-time high of $0.29 today as its market cap crossed $35 billion for the first time.
Robinhood announced on Twitter about an hour ago that its crypto trading services are fully restored. The trading platform saw a delay in order status updates due to huge trading activity across the platform.
“Cryptocurrency trading is now fully restored. Like others, we were experiencing an unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We’ve resolved the issue and apologize for the inconvenience,” Robinhood mentioned in an official announcement.
Robinhood faced similar issues in January 2021 when Dogecoin spiked nearly 900% in 24 hours. The trading platform restricted some features due to massive volatility in some stocks and cryptocurrencies amid the Reddit frenzy.
Dogecoin Spike
The price of Dogecoin is on a dream run. The cryptocurrency is up by more than 7,000% since the start of this year. DOGE saw significant gains in the last 7 days as the cryptocurrency is up by more than 300% within this week. Dogecoin is now the 8th largest digital currency in the world. The total market cap of DOGE is more than Uniswap (UNI), Litecoin (LTC), Bitcoin Cash (BCH) and Stellar (XLM). The adoption of Dogecoin as a payment method has seen a significant jump in the last few months. In March 2021, Dallas Mavericks, an American professional basketball team, became the first NBA Team to accept Dogecoin as a payment method for tickets and merchandise. CoinFlip, one of the leading crypto ATM providers in the United States, announced the listing of DOGE on its 1,800 ATMs across the US.
As of writing, Dogecoin is trading near $0.26 with a total market cap of approximately $34 billion.
(Photo: Robinhood)
