The Robinhood trading app crashed for 30 minutes when Tesla CEO Elon Musk plugged in Dogecoin under Saturday Night Live.
During his appearance in the famous comedy, the technology billionaire joked that he would give his mother, Maye, Dogecoin for the mothers ’daily gift.
Robinhood explained on Twitter that it was dealing with cryptocurrency issues while Musk continued his hospitality duties on the show.
“We are currently experiencing issues with the cryptographic trade. We are working to resolve this as soon as possible, ”the financial trading application said.
Musk first mentioned Dogecoin 14 minutes on the show when he brought his mother up to join in the opening monologue.
“I’m very excited about my Mother’s Day gift.” I just hope this isn’t Dogecoin, ”he told his billionaire son.
“That. Sure,” Musk laughed, a radiant smile on his face.
Later in the Weekend Update section, hosts Michael Che and Colin Jost were repeatedly asked to explain exactly what cryptocurrency is.
“This is the future of the currency, this is an unstoppable financial instrument that will dominate the world,” Musk said.
And when he explained that cryptography can be exchanged for cash, Che said, “Oh, that’s a fuss.”
“Yeah, it’s a hustle and bustle,” Musk said with a laugh as he shouted Dogecoin’s phrase “to the moon.”
With the mention of Dogecoin, the cryptocurrency quickly plummeted.
The price of Dogecoin was hovering around $ 0.66 by the time Musk began hosting the show, but had fallen 24 percent to $ 0.49 after the mention.
The price of Dogecoin has jumped significantly in the last month, to just $ 0.05 in April. Musk invented himself on Twitter as “The Dog Dad”.
According to the news, Dogecoin traders have been watching SNL to see if its release will be a market-moving event.
After 30 minutes, Robinhood posted on Twitter that they are “recovering and working,” but “due to high trading volume and volatility, some clients can sometimes experience intermittent problems”.
And 14 minutes later, Robinhood announced that their cryptocurrency problems had been “solved”.
“We are constantly monitoring the situation and updating you with additional issues. We’re sorry it affected you, ”the company said on Twitter.