The cryptocurrency market has seen a recent decline, and two of the most popular meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have failed to show any significant price movement. Despite other altcoins experiencing relief bounces, DOGE and SHIB have traded sideways, leaving investors wondering what's behind their lack of momentum.

According to market intelligence platform IntoTheBlock, the price correlation between DOGE and SHIB and Bitcoin is extremely high, which means their prices tend to follow Bitcoin's movement. As Bitcoin's price has been uninspiring lately, it's no surprise that DOGE and SHIB have also struggled to gain traction. Furthermore, on-chain metrics for both coins paint a bearish picture, with declining network growth and a lack of large transactions.

The lack of activity from DOGE and SHIB whales has also contributed to their stagnant prices. Data from IntoTheBlock shows that the concentration metric for SHIB is bearish, indicating that investors are selling their holdings rather than accumulating more. As a result, both coins have dropped in the crypto rankings by market capitalization, with DOGE now in ninth place and SHIB in thirteenth.

Despite their current struggles, analysts predict that DOGE and SHIB will make significant moves to the upside in the long run. Crypto Kaleo believes that DOGE could rise to as high as $2 in this bull run, while Captain Toblerone predicts that SHIB will shed another zero and reach $0.00045000. On-chain analytics platform Santiment also hints at an imminent price recovery for SHIB, noting that it is one of the large-cap assets showing the most undervaluation.

In conclusion, Dogecoin and Shiba Inu's sideways movement can be attributed to their strong correlation with Bitcoin's price and bearish on-chain metrics. However, analysts remain optimistic about their long-term potential, predicting significant price increases in the future. As the market continues to evolve, it's essential for investors to stay informed and adapt their strategies accordingly.