Robinhood Crashes After SNL Mentions Sparked Dogecoin Sell-Off
  • Tesla (NASDAQ:) 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.

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.”

Bull Anthony Pompliano also reacted and tweeted “LMAO Elon said dogecoin is just as real as the dollar.”

This article was first published on coinquora.com

Continue reading on CoinQuora

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.





Source link