Robinhood Crashes After SNL Mentions Sparked Dogecoin Sell-Off
CoinEdition
Published May 09, 2021 03:40AM ET
Updated May 09, 2021 04:00AM ET
Robinhood Crashes After SNL Mentions Sparked Dogecoin Sell-Off
- Tesla (NASDAQ:TSLA) CEO Elon Musk hosted Saturday Night Live and mentioned Dogecoin.
- Instead of pumping, the price of Dogecoin dropped as a sell-off ensued.
- This coincided with problems in the Robinhood mobile app.
The much-anticipated Elon Musk appearance at Saturday Night Live (SNL) brought a surprising conclusion. Instead of the usual pumping up of the Dogecoin price at Elon Musk’s mentions, the event sparked massive sell-offs. This dropped the price of DOGE from $0.66 each to $0.51.
This is unprecedented. In the past, every time the Tesla CEO mentioned the coin in his Twitter account, the price of DOGE skyrockets. Just last month, Musk Tweeted “Doge Barking at the Moon.” Following this, the price of DOGE immediately spiked.
Of course, due to the historical data of Elon Musk’s Tweets being associated with DOGE pumps, traders expected his SNL mentions of DOGE to have a similar effect. However, this couldn’t be further from the truth as we see a massive decline in price after the event.
Meanwhile, Robinhood, one of the main places to buy DOGE for retail traders, experienced technical difficulties as the sell-off ensued.
Update: 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/ZS733G6N1J— Robinhood Help (@AskRobinhood) May 9, 2021
The Robinhood team announced that they were having problems with crypto trading. A few minutes later, the team tweeted that it’s fixed and attributed the errors to “high trading volume and volatility.”
Many prominent figures commented on the recent event including David Gokhshtein, the Chief Executive Officer of PAC Protocol. He tweeted that “SNL will not make or break $DOGE. Few understand this.”
Bitcoin Bull Anthony Pompliano also reacted and tweeted “LMAO Elon said dogecoin is just as real as the dollar.”
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