Robinhood Crashes As Dogecoin Sets New All-Time High

What Happened: Trading platform Robinhood reported an outage on Tuesday as the popular meme-based cryptocurrency Dogecoin surged to new highs.

“We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible,” Robinhood said in a Twitter update.

Meanwhile, retail traders took to social media platforms to express their displeasure at missing out on Dogecoin's most recent price action.

Dogecoin surged over 53% in the last 24 hours to hit a new all-time high of $0.606, according to data from CoinMarketCap.

Trading volume for the Shiba-Inu-based cryptocurrency was also up 355% for the same period, and its market capitalization rose to over $74 billion, making it the fourth-largest cryptocurrency after Bitcoin BTC/USD, Ethereum ETH/USD, and Binance Coin BNB/USD.

Why It Matters: Despite the recent slump in Dogecoin’s price to under 20 cents on April 20 after an unsuccessful “Doge Day,” the coin has since seen a steady uptick in price.

The past seven days, in particular, saw the price of Dogecoin increase by over 100% after Elon Musk hinted that something on Dogecoin will “definitely feature” in his upcoming "Saturday Night Live" appearance.

The uptick in trading activity and the coin’s continued popularity has led many traders to remain optimistic about even higher prices in the future despite the concerns raised about its concentrated supply.

Photo by Clay Banks on Unsplash.