In a large bowl, mix together shredded coconut and sweetened condensed milk. Sprinkle the sugar in as you mix. Then fold in the frothy egg whites.
Using a small cookie scoop, tightly pack coconut mixture into a 1" ball and place to a baking sheet lined with parchment paper or a silicon baking sheet. They won't expand so you can put them pretty close together.
Bake on the center rack at 325˚ for about 20-25 minutes or until edges are golden brown. Remove from oven and allow to cool.
While macaroons are cooling, place chocolate chips in a glass bowl and microwave in 30-second intervals, stirring in between until chocolate is completely melted and smooth.
Take cooled macaroons and dip the bottom into the chocolate. Return dipped macaroons back to the lined baking sheet and refrigerate, or if it's cold enough, put the tray outside for about 10-15 minutes to cool and re-set the chocolate.