After yet another phenomenal rally surging 114% in the last 24 hours, Dogecoin (DOGE) hit an all-time high of $0.29. With DOGE valuations soaring to $34 billion, the coin also makes an entry to the top-ten list as the eighth largest cryptocurrency leaving. Litecoin (LTC), Uniswap (UNI), and Chainlink (LINK) are trailing once again.
There seems no doubt that DOGE’s final run was fueled by the Tesla’s Master of Coin, Elon Musk. Just 24 hours ago he sent out a tweet to his 50.9 million followers. captioned “Doge Barking at the Moon.” In crypto terms, “moon” refers to a rapidly rising price.
Doge Barking at the Moon pic.twitter.com/QFB81D7zOL
— Elon Musk (@elonmusk) April 15, 2021
Again, amidst what seems another trading frenzy, Robinhood finds itself in the centre of a controversy. Rumours have started to go around on social media that Robinhood has been restricting trading of Dogecoin (DOGE) on its platform. Earlier this year in January it had stopped trading of GameStop (NSE: GME).
Though according to Robinhood, in an attempt to clarify the matter on Twitter, this is not the case.
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
With Robinhood’s January restrictions still fresh in memories, rumours appeared on social media when Dogecoin (DOGE) investors suddenly were unable to cash out from their Robinhood trading accounts. This led to some serious outrages among investors who were willing to book their profits after DOGE had surged more than 250% in just over three days.
I have been trying to cancel a limit sell for 1 hour. I’m trying to sell 100,000 worth of Doge but it keeps giving an error. Please wth robinhood. This is not ok I need to speak with someone immediately. I have videos of me trying. WiFi, cellular data, re-downloading app please
— Randy (@_RRey0456) April 16, 2021
That's okay. Hopefully these newbies learn the lesson and get on coinbase, binance, kucoin, gemini, cashapp or some platform where they actually own cryptos.
— Thinkinoulewd (@thinkinoulewd) April 16, 2021
Apparently the trading platform faced some technical difficulties for its crypto trading facilities.
Serious scrutiny
Robinhood has faced some serious scrutiny from its users and regulators recently over issues of its trading platform underperforming especially during the peak market moments. Earlier this year, Robinhood had blocked purchases for GameStop, AMC, and other stocks after a massive frenzy from Reddit group WallStreetBets, who take on huge hedge giants.
Consequently, Robinhood is now facing multiple class-action lawsuits from its users and are currently under federal investigation. Ironically, WallStreetBets have opened a new thread where its million plus community can now discuss Bitcoin, Ethereum and Dogecoin. The group seems to be Robinhood’s nemeses.
Issues seem resolved
Just thirty minutes ago Robinhood announced that issues seem to have been partially resolved.
Update: Crypto trading is now fully restored. Like others, we were experiencing unprecedented demand for Robinhood Crypto services, which created issues with crypto trading. We’ve resolved the issue and apologize for the inconvenience.
— Robinhood (@RobinhoodApp) April 16, 2021
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