Dogecoin mania leads to Robinhood crypto order failures


A surge in popularity for Dogecoin was behind a temporary shutdown of Robinhood's crypto trading platform on Thursday night.

The cryptocurrency, a fork of Litecoin that was created as a joke and is named after a popular meme featuring a Shiba Inu, has witnessed significant price increases over the last few days. According to a blog post published Friday, one of Robinhood's systems failed after the price of Dogecoin went past $0.25  on Thursday evening. That caused the crypto order system to also temporarily shut down.

According to the post, the system was back online in about an hour, though some customers continued to encounter issues trading.  The platform was fully back to normal after two hours, according to the post. 

The price of Dogecoin increased to nearly $0.50 on Friday morning, which again led to problems for some customers who were trying to place crypto orders. 

"These interruptions aren’t acceptable to us," the Robinhood team wrote in the blog post. "Our teams are working around the clock to provide you with the highest level of service possible, and as interest in crypto continues over the weekend, we may continue to see intermittent service interruptions."

 At press time, DOGE is trading at $0.35. 

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

SEC said to allow first bitcoin futures ETF to trade in US: report

The U.S. Securities and Exchange Commission is said to be allowing the first Bitcoin futures exchange-traded fund (ETF), per a Bloomberg report. The publication said in a report on Thursday night that the U.S. regulator “isn’t likely to block the products from starting to trade next week,” citing people familiar with the matter. The report […]
Read Full Story
Oct 15, 2021, 2:54AM UTC