Robinhood has gone down again, this time because of Dogecoin Spike
This time it was an accident instead of a deliberate move.
The popular Robinhood financial trading app crashed on Tuesday morning after a surge in the price of Dogecoin cryptocurrency sent a massive influx of users to the app.
Robin Hood confirmed on Twitter that the partial outage ended after about an hour and a half, during which time users were unable to buy or sell Dogecoin as the price of the crypto fluctuated between 40 and a record 60 cents. Problems arise, but as The edge reports, Robinhood has an uneven record of limiting conversations at inconvenient times, and this service outage was just the latest debacle for the populist-branded app to draw the ire of users and critics alike.
While this may have been a service outage instead of a deliberate restriction placed on Robinhood users, it seems Robinhood has now messed up blow after blow to deliver on its grand promise to democratize finance – despite these lofty intentions, the app seems to have messed up at every turn.
This is the second time in two weeks that Robinhood has faced a crypto outage, according to The edge. It wouldn’t be a big deal if crypto holders had other ways to buy or sell Dogecoins or other currencies. But because Robinhood is one of the most accessible and common ways to do it, even a brief outage during a period of price volatility can have a huge impact on the crypto market as a whole.
This influence in the market became extremely clear when Robinhood actively froze the shares of its users during the Wall Street Bets fiasco – a move that tarnished the company’s reputation and prompted politicians to demand formal inquiries into what happened.
Whether this is able to regain the trust of users is up to everyone to guess.
READ MORE: Robinhood crypto trading crashed during Dogecoin spike [The Verge]
Learn more about Robinhood: Robinhood has fallen to 1/5 stars on Google Play
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