The Robinhood stock trading platform saw $5 billion in equities trading volume yesterday, according to the company’s CEO.
Vlad Tenev tweeted that it was “one of our biggest days in the past 12 months,” and acknowledged that the app had to be taken offline for two hours to adjust for such high trading volumes.
“We’re going to be upgrading some of our systems tonight to make sure we’re prepared for even higher load,” he said late Tuesday.
The most recent monthly metrics from Robinhood show $84.7 billion in equity trading volume for the entire month of March, averaging out to $2.7 billion a day. Monday's activity nearly doubled that.
Robinhood is an investing app that initially allowed users to buy and sell stocks but has embraced the crypto world in recent years. Customers can buy and sell assets from stocks and U.S. equities to Bitcoin, exchange-traded funds (ETFs), and meme coins on their smartphones.
Floki Inu is up 17% in the last 24 hours as meme coins continue to roar, after the apparent return of notorious meme influencer Roaring Kitty.
The meme coin market appears to be correlated with Roaring Kitty tweets. During his 12 hour absence, the market cooled off. But since the account has started sending messages again, meme coins are soaring once again.
Roaring Kitty (also known as Keith Gill and DeepFuckingValue) was a key figure in the 2021 GameStop short squeeze, which captured the inter...
Meme stock trading mania returned to markets this week, with formerly popular assets like GameStop (GME) and AMC rocketing in price. “Meme stocks” are shares in companies that have gained a cult-like following on the Internet—particularly message boards and group chat apps like Reddit and Telegram.
Robinhood didn’t immediately respond to Decrypt’s request for comment.
The trading flurry started Monday morning after the Twitter account for Roaring Kitty returned to life for the first time in years. Roaring Kitty is financial analyst and investor Keith Gill, who made headlines in 2021 by fueling the first meme stock rally.
After years of silence, the apparent return online this week of meme stock influencer Keith Gill, aka Roaring Kitty, has sent stocks and crypto assets affiliated with the streamer’s past exploits soaring—creating millions of dollars in profit for lucky traders out of thin air.
But is Roaring Kitty actually back?
So far, only Gill’s Twitter account has reactivated since Sunday, posting scores of movie clips re-subtitled with finance-related captions—vintage Roaring Kitty. Before this week, the...
Once again, GME and AMC stock were booming, and exchanges briefly halted trading for them several times during the rally. By Tuesday, after two days of trading, the price of GME had shot up by over 270%. Other meme stocks and cryptocurrencies—especially memes, volatile coins, and tokens based on Internet jokes—also made significant gains.
GME and AMC have since dipped in price.
Edited by Ryan Ozawa.
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