Robinhood is the largest institutional holder of DOGE in the world. A huge number of traders from every part of the globe joined the platform in huge numbers to acquire the rapidly appreciating meme cryptocurrency that surprised everyone. However, after the recent SNL appearance of Musk and name dropping of the cryptocurrency by her mother, the token took a deep dive against all expectations. While DOGE dropped from $0.7 to $0.5, Robinhood users started to face issues in selling and buying the coins from the market.
Robinhood is an online trading application that introduced a new way of allowing users all over the world to raise stakes without paying commission. After introducing cryptocurrencies to the platform in 2018, the number of user registrations skyrocketed on the platform. In February, Wall Street Journal claimed that Robinhood hosts a digital wallet that holds about 28% of the entire market share.
Robinhood is also Excited for the SNL Debut of the DOGE
Before the SNL debut of DOGE, Robinhood showed great optimism and asked the DOGE community to gather around for a great show. The official Twitter account of Robinhood tweeted that the team is all paws on the deck for the whole weekend. However, when the price of DOGE started to went down, the support service of Robinhood posted an update about the technical issues and asking the users to show patience. This is not the first time the app has crashed down during prime time traffic hours.
Robinhood users started to post complaints and protest on Reddit and Twitter to not buy or sell DOGE. Later on, the Robinhood team reportedly attributed the issue to the high volatility and massive trading volume. This type of market hype was not a surprise event, and customers are criticizing the app management for introducing better updates for fixing these bugs and problems.
Crypto Analyst Says that Doge is Preparing for a Quick Comeback
A Twitter crypto analyst who goes by the name Loma opines that the SNL debut of Dogecoin was a sell-the-news attempt by Elon Musk. According to Loma, the master plan of the event is to see a price push in anticipation of the SNL debut.
DOGE has dropped to $0.552 after 25% depreciation since the SNL monologue. Loma asserts that being bearish on DOGE can be a good idea for a while. However, he thinks that SNL dumps present a great opportunity to buy the coin. He dismissed the sell-side liquidity crisis and claimed that DOGE would eventually resume its uptrend and reset on its track to get to the 1 USD mark.
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