Dogecoin or Shiba Inu: Which should be crypto sector’s mascot on ‘International Dog Day’

YEREVAN (CoinChapter.com) – Since 2004, the world has united on Aug 26 to celebrate and show appreciation for our canine friends on International dog day. Crypto enthusiasts might have expected an uproar from the crypto canine family as well, but none followed. Notably, the daddy of all things meme, Dogecoin (DOGE) tumbled 6% instead of a celebration, while its pup Shiba Inu (SHIB) flatlined.

Why the lack of enthusiasm?

International Dog Day here, but canine crypto couldn’t care less

So, which should be the crypto sector’s mascot on international Dog Day? Possibly neither, or they’ll just bring the party down. Meanwhile, the reasons behind such insulting indifference could be versatile.

Dogecoin for the mascot? Not really

Statistics show that Grandpa DOGE was never fond of the holiday and lost valuation on that day throughout the years, even in bull markets. For example, the DOGE/USD rate dropped 4% on International dog day in 2019, then another 4% in 2020, culminating in its disregard for the holiday in 2021 and dropping nearly 10%.

As of the New York session, the token price stood at $0.065, hinting at more declines due to the drop in trading volumes.

What about Shiba Inu (SHIB)?

Could bullish Shiba Inu save the International Dog Day spirit? Not so fast. The most successful crypto pup of 2021 showed nothing but indifference and flatlined along a resistance-turned-support. As a result, the token stood at $0.000013 in the New York session Friday, killing the hopes for a bullish hype.

Moreover, the trading volumes also didn’t inspire much confidence, dropping alongside Bitcoin. Notably, DOGE and SHIB might have watched the news as Federal Reserve Chair Jerome Powell rained on the meme coin parade, announcing more interest rate hikes ahead.

As a result, Bitcoin investors pulled their bets and dropped the BTC/USD rate to just over $20,700, and the meme coins followed. Looks like the mascot for International Dog Day 2022 will be a depressed Shiba Inu dog either way.