Dogecoin (DOGE) has fallen over 4% today, trading at $0.163, reflecting a broader downturn in the memecoin market. This decline follows a 20% drop from March 27 to March 31, exacerbated by Elon Musk's comments that the U.S. government has no plans to use Dogecoin. The bearish sentiment extends to other memecoins, with Shiba Inu down 4.2%, and total daily trading volume in the memecoin sector dropping by 48% over the past month. Macroeconomic uncertainties have led investors to shy away from volatile assets. Additionally, DOGE has confirmed a bearish pattern on its daily chart, testing pivotal support levels, with potential for further losses. Analysts predict a revisit of lower price levels if bearish momentum continues, which could see DOGE fall to $0.0876 in the coming days. This reflects both increased selling pressure and dwindling trader interest in memecoins.

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