The boom of the cryptocurrency space, which has coincided with the success of the digital assets of the space, has also led to high demands for the digital assets. The high demands are not far-fetched from the fact that the rewards entice many investors that the space’s digital assets can offer in the long run. However, many crypto exchanges and Blockchain trading firms like Robinhood Crypto trading platform are unable to cope with the high demands of these investors, as the crypto platform of the trading platform has reportedly sufferers another downtime this morning again.
The platform witnessed unprecedented high trading volumes
The announcement of the brokerage trading platform developers- Robinhood confirmed that the platform’s application suffered a serious downtime today again. Unfortunately, this is not the first time that such occurrence has happened this week, as the crypto platform of the controversial trading platform suffered downtime of barely 24hours.
However, going by the last announcement of the trading platform, normalcy has been restored to the platform about 8 hours after the previous downtime. According to the debate by crypto analysts on social media, the platform has been subjected to high trading volumes of recent, which they believe is responsible for the recent crash.
According to the analysts, they believe that the surge in trading volumes of popular meme coin- Dogecoin, will likely be the reason behind the crash of Robinhood. The crypto trading platform is one of the crypto exchanges in the U.S that allow crypto investors to trade Dogecoin, and the surge behind the Elon Musk-backed Dogecoin this week is believed by many analysts to be responsible for the downtime suffered by the crypto brokerage firm.
Dogecoin responsible for Robinhood high trading volume
Dogecoin has been at the center of a great week, as the altcoin has rallied itself into the top five largest cryptos by market cap. At the beginning of the year, Elon Musk had been credited for pushing the altcoin prices, as investors started to get very interested in the altcoin. However, the downtime suffered by Robinhood this week has now been affiliated to the operations of the bulls of the dogecoin market. Dogecoin had witnessed high trading volumes this week that has surpassed that of Ethereum and many other altcoins.
Not far from controversy, Robinhood is used to halting trading services at the crucial moment, just like it did with Gamestop shares in January. On 28th January, the trading firm and others halted the operations of Gamestop traders, much to the dismay of the traders. However, the recent downtime has now been credited to the push of Dogecoin, which has now pushed Cardano’s ADA down the pecking order to become the fifth-largest cryptocurrency by market cap. Elon Musk has continued to back the project, despite the Bitcoin investor claiming not to have any Dogecoin investment. His tweet yesterday had spiked the altcoins price again, as it currently trades at $0.31 at the time of writing.