The top meme coins, Dogecoin (DOGE) and Shiba Inu (SHIB), have shown no signs of recovery despite recent market declines. These cryptocurrencies have remained stagnant while other alternative coins experience relief bounces.

Reasons for Dogecoin and Shiba Inu Trading Sideways

Dogecoin and Shiba Inu's lackluster performance is closely tied to Bitcoin. According to data from IntoTheBlock, their price movements exhibit a strong positive correlation with Bitcoin, meaning they tend to move in tandem with Bitcoin's price.

Dogecoin and Shiba Inu have mirrored Bitcoin's recent uninspiring price movements. On-chain metrics also indicate a bearish outlook for both coins, contributing to their subdued price actions.

IntoTheBlock's data reveals that Dogecoin is experiencing a decline in network growth, suggesting a lack of new users joining its ecosystem. Additionally, large transactions involving Dogecoin whales have been minimal, indicating waning investor confidence in the meme coin.

Similarly, Shiba Inu faces bearish signals in its on-chain metrics. The 'Concentration' metric shows that SHIB whales and investors are selling off holdings rather than accumulating more.

Market Position Decline

Due to their recent underperformance, Dogecoin has slipped to the ninth position by market cap, down from eighth, while Shiba Inu now ranks thirteenth, down from eleventh, according to CoinMarketCap data.

Future Prospects for DOGE and SHIB

Despite current challenges, there is optimism for potential upward movements in the long term. Crypto analyst Crypto Kaleo predicts that DOGE could reach as high as $2 during this bull run, citing a belief in a meme coin "supercycle."

Additionally, historical patterns show that Dogecoin tends to experience significant price surges after prolonged periods of sideways trading, with past gains reaching as high as 6,000% and 30,000%.

Meanwhile, analyst Captain Toblerone anticipates that Shiba Inu could drop another zero and rise to around $0.00045000. On-chain analytics from Santiment also suggest a possible price recovery for SHIB, highlighting it as one of the undervalued large-cap assets.

In conclusion, while Dogecoin and Shiba Inu currently face challenges in the market, analysts foresee potential for significant gains in the future, driven by their unique market dynamics and investor sentiment shifts.