Gee, what is with Robinhood and trading issues! The online brokerage was, once again, in the crosshairs after it experienced an outage that prevented users from completing trades as they attempted to get in on the recent Dogecoin rally.
A rally that has seen the price of the meme altcoin shoot by almost 190%.
The company acknowledged that orders were displayed as pending for extended periods, but followed it up by saying that crypto trading was fully restored after unprecedented demand for its services created issues later Thursday night and into Friday morning.
Basically, Robinhood had problems executing orders for several hours.
Naturally, accusations were leveled at the company that it was limiting Dogecoin trading. Not without merit, mind you, considering its past history with GameStop stock this past winter. But Robinhood denied the suggestions, labeling them labeling them false information.
No, we didn’t place restrictions on $DOGE trading. This is false information. For latest operational updates, check https://t.co/hS5J5eu1GV.
— Robinhood (@RobinhoodApp) April 16, 2021
The online brokerage app has seen a surge in customer sign-ups so far this year, with CEO Vlad Tenev on record saying that the firm was aware of this challenge, and is taking steps to ensure that its systems stay stable.
They did not, this time, but hopefully things go according to plan in future rallies.
Speaking of which, this demand was led by users looking to buy Dogecoin, which more than doubled in price in the last 24 hours to hit an all-time high of $0.39.
Much wow, indeed!
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