Dogecoin has increased by over 50% in the last day. And is currently trading over 60 cents. This massive price increase means there was a huge increase in the trading volume of the cryptocurrency. In fact, it was so high that Robinhood crashed due to the same. The app is one of the largest in the US, but yesterday’s load was so much that even its servers couldn’t handle it. Even Wazirx, the largest cryptocurrency exchange in India, crashed due to the same.
Robinhood crashed! Is it fixed now?
At about 9:30 AM ET, the serves of Robinhood were not anymore able to handle the strong user load and crashed. There was a partial outage as only the crypto trading section wasn’t working, while other things were doing well on the app. After Robinhood find out that the app has crashed, they were able to fix the issue in under 2 hrs. The app was back up and working by 11:15 AM ET. Dogecoins’ volume was such that none of the exchanges were even close to expecting such numbers.
After Robinhood fixed the issue on the app, they tweeted, “Update: Crypto trading is now fully restored. We know some customers may have experienced intermittent issues earlier. We’ll continue to monitor the situation closely, and we’re sorry if you were impacted. Please contact us if you have outstanding issues”. The app also faced some serious criticism as this outage was deemed similar to the trading limitations they put on the GME stock back in January.
India’s largest crypto platform WazirX also went down.
We've fixed the temporary issue with WazirX app and website. It should work fine now.
Thanks for your support. ?
— WazirX: India Ka Bitcoin Exchange (@WazirXIndia) May 4, 2021
After the massive spike in Dogecoin’s trading volume yesterday, even WazirX went down. The CEO of the exchange Nischal Shetty tweeted about the same and said that they saw a 10x increase in the number of users on their platform. And this has resulted in their systems considering it as a threat. Nishchal said that the good requests on the platform were marked as bad, and the app had problems processing them. In just some time, the problem was fixed, and the app was up again.
Another popular app in India that is much like by crypto investors is Coinswitch. At about 11 PM yesterday, even it went down probably due to the huge server load. I couldn’t find many tweets regarding the issue, but yes, the app came back up in a few hours as I checked my portfolio before going to sleep.
All these combined show the fast-growing market of crypto and how enthusiastic people are to take part in bull runs. This is not the first time that apps are facing such outages due to huge overloads. But the user base and traffic on the market are very unpredictable, so nothing can be done about this at this stage. What do you think about the same? Let us know in the comments below. Also, if you found our content informative, do like it and share it with your friends.
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