According to our recent report, Coinbase has added Dogecoin, XRP, Cardano, and Litecoin as collateral options for its crypto-backed loan product. Despite the significance of the update, Dogecoin prices have shown no meaningful recovery. The meme coin continues to trade under pressure, reflecting broader market weakness. Qualified U.S. users, excluding those in New York, can now borrow up to $100,000 in USDC stablecoin using these assets on the Base network via Morpho. The feature eliminates the need to sell holdings, offering crypto owners greater financial flexibility. Previously, Coinbase's loan product was limited to Bitcoin and Ethereum only. The expansion marks a notable shift in how retail investors can leverage altcoin holdings. Yet market participants appear unmoved. Dogecoin traded at $0.09739 at the time of writing, down 0.94% in the last 24 hours. Despite gaining 6.48% over the last 7 days, the memecoin is still 21.3% down over the last 30 days. Dogecoin Struggles Despite Positive Developments The Coinbase announcement arrived during a difficult stretch for Dogecoin. The token reached a high of $0.1175 on Sunday following a three-day rally. Profit-taking quickly followed. Multiple attempts to reclaim $0.10 between February 16 and 18 failed. Sellers maintained control throughout the week, and Dogecoin could not breach the $0.10 level during Thursday's session. Trading volume dropped 2.19% in 24 hours to $860 million. Derivatives market volume fell 2.08% to $1.81 billion. Open interest declined 5% to $1.8 billion. These figures point to fading conviction among both spot and derivatives traders. Glassnode data adds further context. The 90-day simple moving average tracking open interest changes across top crypto assets has remained negative since October 2025. This sustained decline suggests institutional and retail appetite for Dogecoin exposure has been shrinking for months. The Coinbase update, while practically meaningful, has not changed the technical or sentiment picture. Traders appear focused on macro headwinds rather than platform-level developments. Macro Pressure Weighs on the Broader Crypto Market Dogecoin's decline is not happening in isolation. The broader crypto market sold off sharply despite gains on Asian and U.S. equity markets. A firmer U.S. dollar added pressure across digital assets. Federal Reserve minutes released this week signaled no urgency to cut interest rates. Policymakers also left open the possibility of further rate hikes, dampening risk appetite. The Crypto Fear and Greed Index sits at 11, deep in extreme fear territory. A total of $214 million in crypto positions were liquidated in the last 24 hours, according to CoinGlass. The liquidation data reflect a market where overleveraged positions are being forcibly closed as prices fall. When macro conditions dominate sentiment, individual asset announcements rarely move markets. Coinbase's expansion of collateral options is a structural improvement. It does not, however, address the external forces currently driving prices lower.
