Source: Shutterstock and Robinhood
Dogecoin is one of the most popular cryptocurrencies in the world right now. The meme cryptocurrency has jumped from $0.05 to more than $0.30 cent within the span of 1 week. As cryptocurrency grows more and more popular across the world, demand for Dogecoin continues to rise meteorically. In a surprising Dogecoin bull run, the prices of DOGE went up to more than 100% per cent over a period of 24 hours. As a result, a very large number of people started buying up DOGE in very large amounts on exchanges such as Coinbase. After the Dogecoin rally many people started asking - can you buy Dogecoin on Robinhood?
Yes, Dogecoin is available for purchase on the Robinhood App, where you can buy a number of cryptocurrencies and shares. Robinhood App became popular over the last year, with the whole Gamestop incident. Back in January, tens of thousands of people pumped up the stocks of GME on apps like Robinhood. However, Robinhood got into a bit of legal trouble as they had stopped people from buying GME on their app, once the prices rose drastically. In a similar fashion, when the prices of Dogecoin shot up yesterday, up to 100 per cent, this exchange app seemingly suffered an outage.
As Dogecoin neared the 30 cent mark, Robinhood reportedly suffered a 'crypto trading issue' on Thursday/Friday, as they mentioned on their website. Robinhood also said on their website that they are currently investigating the issue in an update blog the company posted. So what does outage mean on Robinhood? Basically, the App/software crashed, and people could not place buy or sell orders on Dogecoin.
We’re currently experiencing issues with crypto trading. We're working to resolve this as soon as possible. For the latest updates, check https://t.co/hS5J5eu1GV.— Robinhood (@RobinhoodApp) April 16, 2021
There were many events that led to the meteoric rise in the price of DOGE. Tesla, Elon Musk, even Jordan Belford (Inspiration of Wolf of the Wall Street) and many other celebrities and businessmen tweeted about Dogecoin. Popular websites like Reddit and cryptocurrency forums were trending with terms like 'Going to the Moon' and 'Hodl', all in an effort to encourage people to buy more Dogecoin. However, at crucial moments when Doge was at the its peak, Robinhood suffered the outage and thousands of people who wanted to place buy/sell orders were left stranded. Many users took to Twitter to criticise Robinhood as they reported that their Robinhood order cannot be cancelled.
As to the question of whether you should buy Dogecoin on Robinhood is debatable. While Robinhood is one of the most popular cryptos and share exchanges in the world, this is the second time they have suffered an 'outage' in 2021, exactly when people wanted to execute their buy and sell orders on DOGE, similar to what happened with GME. If you are looking to invest you should do thorough research and choose the best possible option. There are many other crypto exchanges such as Binance and Coinbase that are made specifically for crypto users. Stay tuned for more news on Dogecoin and cryptocurrencies.