Dave Portnoy-Backed Safemoon, Shiba Inu, Other High-Flying Altcoins Suffer Carnage In Crypto Selloff

Safemoon (SAFEMOON), Barstool Sports founder Dave Portnoy’s new favorite coin, fell nearly 20% in a 24-hour period, and it isn’t the only so-called “sh*tcoin” to be taking an uneven hit in the cryptocurrency market selloff.

What Happened: SAFEMOON traded 19.63% lower at $0.000007 at press time on a 24-hour basis. The cryptocurrency has fallen 18.15% over a seven-day period.

Against Bitcoin (BTC) and Ethereum (ETH), SAFEMOON fell 7.26% and 4.27% respectively in a 24-hour period.

The declines in the minor have been far steeper than the two largest cryptocurrencies by market capitalization. 

BTC traded 12.56% lower at $39,400.64 on a 24-hour basis, while ETH traded 15.05% lower at $2,958.01.

SHIBA INU (SHIB) was mentioned on Monday by Portnoy while picking his favorite “sh*tcoin,” as he referred to such coins. SHIB bills itself as a “Dogecoin (DOGE) killer.” The coin traded 23.57% lower at $0.000013 at press time over a 24-hour basis.

See Also: How to Buy Dogecoin (DOGE)

SHIB has plummeted 52.72% over the week and has fallen 12.22% and 9.31% against BTC and ETH respectively.

The decline of SHIB has been steeper than DOGE on a 24-hour basis as the Tesla Inc (NASDAQ:TSLA) CEO supported meme coin fell 17.03% lower at $0.40.

Dogelon Mars (ELON), a currency that makes mention of Musk in its name along with Mars and Dogecoin, traded 33.81% in the red at $0.00000032 at press time over 24-hours.

ELON has fallen 80.94% over a week and is down 24.49% and 22.07% against BTC and ETH.

Why It Matters: Cryptocurrency market capitalization slipped below the $2 trillion level to $1.82 trillion at press time. The market capitalization fell 13.74% on a 24-hour basis from $2.11 trillion.

Cryptocurrency markets have been in upheaval ever since Musk said last week that Tesla would stop accepting BTC for payments

See Also: Bitcoin Drops Below $40,000 Mark After 3 Months As Elon Musk-Fueled Crypto Selloff Deepens

Some other coins with low market capitalizations which have gained popularity in the recent past were hammered in the market meltdown as well. 

On a 24-hour basis, Akita Inu (AKITA) is down 31.33% at $0.000004313. Dogecoin Killer (LEASH) is down 30.66% at $2,983.55, and Woofy (WOOFY) was lower by 13.52% at $ 0.063.

Read Next: Polygon (MATIC) Hits Another All-Time High While Bitcoin, Ethereum, Dogecoin Grapple With ‘Extreme Fear’