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.
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.