Robinhood goes bust just as Dogecoin goes boom
The trading app Robinhood, known to go under during the heyday of the market last March, suffered another outage on Tuesday. Only this time it wasn't stocks that were in neutrality, but crypto.
The outage, which lasted about an hour, happened as Dogecoin scanned new record highs and Ethereum continued to gain ground. Individual investors, who make up a sizeable percentage of Robinhood's customer base, were outraged.
And since so many were upset about losing the chance to make money with a digital currency that revolved around a meme, they expressed their frustration with other memes.
Others were more direct with their criticism, noting that the rise of crypto stopped around the same time that Robinhood went down. And some saw the failure as an opportunity to reaffirm their commitment to their investment.
At 11:15 a.m. ET, Robinhood said that crypto trading had been restored and apologized, adding that it "will continue to monitor the situation closely".
Traders who wanted to use the Dogecoin run, however, lost their chance at the highest high. After crypto rose 49% at one point on Tuesday, it fell to 30% at 12:00 PM ET.
Last March, Robinhood was unavailable for almost two days as the market posted huge gains. (The value of all the companies in the S&P 500 rose $ 1.1 trillion during the outage.) At the time, the company blamed the problems for "unprecedented strain." Customers were outraged at not being able to take advantage of the trading opportunities and did not see the company's offer to view billing credits and other options as a touch-up.
This story was originally featured on Fortune.com
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