Dogecoin (CRYPTO:DOGE) and Shiba Inu (CRYPTO:SHIB), two prominent meme coins, have recently entered a phase of stagnant price movement despite the volatile nature of the cryptocurrency market.
This stagnation has puzzled investors, who are trying to understand the reasons behind their lackluster performance.
Analysis reveals a strong correlation between these meme coins and Bitcoin, suggesting that fluctuations in Bitcoin's (CRYPTO:BTC) price directly influence Dogecoin and Shiba Inu.
On-chain metrics for both coins indicate bearish trends, with declines in network growth and investor confidence, particularly in large transactions and whale accumulation.
Consequently, their market rankings by capitalisation have slipped, reflecting the challenges they currently face in the crypto landscape.