It seems like Robinhood, the popular online brokerage app, wasn’t prepared to handle the volume of trading during Elon Musk’s appearance on Saturday Night Live.
On Saturday, Musk who has dubbed himself “Dogefather”, talked about Dogecoin in front of a national TV audience during a skit on the show.
here’s a clip of elon musk explaining what doge coin is on SNL….he said it’s a hustle 😂 pic.twitter.com/iyXbKH0FPZ
— Antonio 🇦🇷 (@RustigNiffauw) May 9, 2021
Dogecoin’s price plummeted from .70 to .55 cents, losing $18 billion in market share during Musk’s appearance on SNL.
Dogecoin gets the Elon Musk mention on SNL then plummets. Goes from 70 cents to 55 cents, losing $18 billion in market share in less than 20 minutes https://t.co/laZY2s30DW
— Darren Rovell (@darrenrovell) May 9, 2021
this is the funniest part of snl tonight pic.twitter.com/m5iBofzcpG
— slate (@PleaseBeGneiss) May 9, 2021
Robinhood’s servers went on to crash and wouldn’t allow users to buy/sell Dogecoin on the app.
*ROBINHOOD SAYS EXPERIENCING ISSUES WITH CRYPTO TRADING pic.twitter.com/c82AG8IFEE
— Investing.com (@Investingcom) May 9, 2021
Users of the app were furious considering Robinhood had similar issues during the “meme stock” craze earlier in the year.
https://twitter.com/BENBALLER/status/1391247231185981444
#Robinhood looking at the same people who threatened to leave the app the other 20 crashes complain again pic.twitter.com/2TDEZ8twDe
— MaltLiquorPapi (@LowkeyBrilliant) May 9, 2021
Robinhood locking up trading on Dogecoin at the pinnacle of its memedom on national TV is proof we are living in a simulation.
— Colin Landforce 🛠 (@landforce) May 9, 2021
https://twitter.com/rygosix/status/1391258665022148611
Robinhood after telling you “There was an unexpected server error. Please try again later.” pic.twitter.com/rrtduYlH59
— Desus MF Nice💯 (@desusnice) May 9, 2021
https://twitter.com/AustinJ_VA/status/1391250860185772033
https://twitter.com/nuffsaidny/status/1391250303312293889
Tell me when I can register my name for the class action lawsuit against #Robinhood
— Kevin (@merkeke) May 9, 2021