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

Safemoon (SAFEMOON), Barstool Sports founder Dave Portnoy’s new favourite coin, fell almost 20% in a 24-hour interval, and it is not the one so-called “sh*tcoin” to be taking an uneven hit within the cryptocurrency market selloff.

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

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

The declines within the minor have been far steeper than the 2 largest cryptocurrencies by market capitalization. 

BTC traded 12.56% decrease at $39,400.64 on a 24-hour foundation, whereas ETH traded 15.05% decrease at $2,958.01.

SHIBA INU (SHIB) was talked about on Monday by Portnoy whereas selecting his favourite “sh*tcoin,” as he referred to such cash. SHIB payments itself as a “Dogecoin (DOGE) killer.” The coin traded 23.57% decrease at $0.000013 at press time over a 24-hour foundation.

See Also: How to Buy Dogecoin (DOGE)

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

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

Dogelon Mars (ELON), a forex that makes point out of Musk in its title together with Mars and Dogecoin, traded 33.81% within the crimson at $0.00000032 at press time over 24-hours.

ELON has fallen 80.94% over per week and is down 24.49% and 22.07% in opposition to BTC and ETH.

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

Cryptocurrency markets have been in upheaval ever since Musk stated final week that Tesla would cease accepting BTC for funds. 

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

Some different cash with low market capitalizations which have gained recognition within the current previous had been hammered out there meltdown as nicely. 

On a 24-hour foundation, 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 decrease by 13.52% at $ 0.063.

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

Recommended For You

About the Author: Daniel