Dogecoin (DOGE) and Shiba Inu (SHIB) meme coin market cools off, both dropping over 5%

Despite such outliers, the total market cap of the meme coin sector shrank by 3.30% to $500 million.

Meme coin leaders Dogecoin (DOGE) and Shiba Inu (SHIB) cooled off Thursday, both dropping over 5% in 24 hours.

Yet, the weekly performance of DOGE and SHIB tell a different story. DOGE is still up 10.5%, and SHIB isn't far behind with a 9.44% gain in the last seven days, CoinMarketCap data shows.

Meanwhile, Trump-themed token TRUMP bucked the trend, rocketing 28.74% to reclaim the $12 mark amid renewed political hype. Meme token BRETT also showed resilience, notching a 24-hour gain of 8.29% and boasting an eye-popping 50% rally over the past week.

Despite such outliers, the total market cap of the meme coin sector shrank by 3.30% to $52 billion.

Dogecoin Consolidates: What Do the Charts Say?

At press time, DOGE is trading at $0.1729, down 3.21% on the day. The current price action appears trapped in a sideways consolidation pattern with muted volume, as bulls and bears wrestle for control.

Using Fibonacci extension levels on the daily chart, potential upside targets include $0.1910 (0.786 Fib), $0.2147 (1.618 Fib), $0.2544 (2.618 Fib), and $0.3186 (4.236 Fib).

On the downside, DOGE finds immediate support around the 0.618 Fib retracement level at $0.1681, followed by stronger support near $0.1575.

Meanwhile, the MACD indicator is currently neutral to bearish, with the MACD line below the signal line. Histogram bars are minimal, reflecting a lack of strong momentum in either direction.

Also, the RSI (Relative Strength Index) sits at 54.44, indicating that DOGE is neither overbought nor oversold.

Beyond the Charts: DOGE Hype and ETF Hopes Persist

Despite the short-term dip, DOGE remains a favorite among speculative investors. Social media analysts like CryptoELITES have floated bold predictions, including a $2 DOGE price target by the end of April, a nearly tenfold increase from current levels.

$1.00 $DOGE by August?

Let’s see how it plays out. pic.twitter.com/B66IeHsfkL

— Crypto ELITES (@Crypto_Elites_ ) March 28, 2024

Adding to the intrigue, Polymarket bettors assign a 52% probability of a spot DOGE ETF approval in 2025, but only a 24% likelihood before July 31st this year. If regulatory clarity emerges, the meme king could finally cross into mainstream finance.