Robinhood boasts $5 billion in daily trading volume on GameStop Frenzy.

The Robinhood stock trading platform saw $5 billion in stock trading volume yesterday, according to the company’s CEO.

Vlad Tenev tweeted It was “one of our biggest days in the last 12 months,” he admits, and the app had to be taken offline for two hours to adjust for such high trading volumes.

“We are upgrading some of our systems tonight to prepare for higher loads,” he said late Tuesday.

According to Robinhood’s most recent monthly figures, total stock trading volume in March was $84.7 billion, or an average of $2.7 billion per day. Activity on Monday nearly doubled.

Robinhood is an investing app that initially allowed users to buy and sell stocks, but has embraced the cryptocurrency world in recent years. Customers can place assets in stocks and U.S. stocks into Bitcoin, exchange-traded funds (ETFs), and meme coin On their smartphones.

Meme stock trading mania is back in the markets this week, with prices of previously popular assets like GameStop (GME) and AMC soaring. “Meme stocks” are stocks of companies that have gained a cult following on the Internet, especially on message boards and group chat apps like Reddit and Telegram.

Robinhood did not immediately respond. decryptionThis is a request for your opinion.

The trading riot began on Monday morning after a Twitter account. roaring kitty For the first time in years, I came back to life. Roaring Kitty is financial analyst and investor Keith Gill. made headlines Fueling the first meme stock rally in 2021

This time, GME and AMC stock prices soared and had a brief exchange. stop trading for them several times during the meeting. After two days of trading, GME price had surged more than 270% through Tuesday. The same goes for other meme stocks and cryptocurrencies (especially tokens based on memes, volatile coins, and internet jokes). made significant profits.

GME and AMC I’ve been hooked since then On price.

Edited by Ryan Ozawa.