The two most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have been stuck in a sideways movement, failing to show any significant price increase despite the recent market recovery. This lack of momentum is attributed to their strong correlation with Bitcoin, which has also been experiencing a sluggish price movement.

According to data from IntoTheBlock, Dogecoin and Shiba Inu's price correlation with Bitcoin is almost perfect, indicating that their prices closely follow Bitcoin's movement. As a result, the lack of excitement in Bitcoin's price has translated to a similar lack of enthusiasm for the two meme coins. Furthermore, on-chain metrics for both coins paint a bearish picture, with declining network growth and a lack of large transactions.

The poor performance of Dogecoin and Shiba Inu has resulted in a drop in their rankings by market capitalization. Dogecoin has slipped from eighth to ninth place, while Shiba Inu has fallen from eleventh to thirteenth. Despite this, analysts remain optimistic about the long-term potential of both coins. Crypto Kaleo predicts that Dogecoin could still reach $2 in this bull run, while Captain Toblerone sees Shiba Inu shedding another zero to reach $0.00045000.

The lack of momentum for Dogecoin and Shiba Inu is a departure from their usual volatility, which has seen them experience massive gains in the past. However, their current sideways movement is not uncommon, as both coins have historically traded flat for extended periods before making significant moves. With on-chain analytics platform Santiment hinting at an imminent price recovery for Shiba Inu, investors remain hopeful that the meme coins will eventually bounce back.

In conclusion, Dogecoin and Shiba Inu's failure to bounce back despite the recent market recovery is attributed to their strong correlation with Bitcoin and bearish on-chain metrics. While their current performance may be lackluster, analysts remain optimistic about their long-term potential, and investors continue to hold out hope for a eventual price recovery. As the market continues to evolve, only time will tell if the meme coins will regain their momentum and make significant moves to the upside.