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
— niffauw (@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.
OMG!!! LMAOOOO. WHAT DID I SAY ON MY PODCAST??? Robinhood is not letting you sell your shit 🤣😭🤪😂😂😂😂😂😈😈😈😈 #Doge
— BEN BALLER™ (@BENBALLER) May 9, 2021
— 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
Part of this #dogecoin crash was that robinhood went down.
Like I really can't say it enough, don't use Robinhood. It has a nice UI and nice setup UX. But as a trading platform its so bad.
— Cryptek (@rygosix) May 9, 2021
Robinhood after telling you “There was an unexpected server error. Please try again later.” pic.twitter.com/rrtduYlH59
— Desus Nice (@desusnice) May 9, 2021
— Austin J (@AustinJ_VA) May 9, 2021
— NUFF (@nuffsaidny) May 9, 2021