Dogecoin (DOGE) remains one of the most liquid assets, not only among meme tokens and coins. Compared to BTC, DOGE has a greater market depth.
Market depth is the main metric for slippage, and is closely watched to gauge eventual corrections. BTC stalled just below $73,000, once again raising concerns about selling pressure.
The crypto market saw major shifts in available liquidity. DOGE held up surprisingly well, both in comparison to altcoins and to BTC. DOGE increased its market depth after the October market crash, going against the market trend.
DOGE book depth recovered quickly in 2026. According to the latest gauges, on average, DOGE 1% market depth sits around $13M, while BTC 1% market depth is at around $6M.
Liquidity conditions may vary and change quickly, but DOGE shows it has not turned into a dead asset. DOGE still traded with much lower volumes compared to BTC and ETH, but was widely distributed on exchanges, tapping multiple global markets.
DOGE is also a mined coin, adding to its longevity and resilience. Litecoin and Dogecoin mining rate is now close to its highest level in the past three months.
DOGE performed with great resilience in the past five months, contrary to the overall market sentiment. One of the reasons was the approval of DOGE ETF, which boosted inflows.
Currently, there are four live DOGE ETFs and two more pending. The funds have a relatively low level of assets under management, but still managed to attract buying even during the market downturn.
DOGE open interest also increased in the past few days, rising to over $445M, from a recent low of $353M.
DOGE remained around a three-month low of $0.09. Despite this, the coin has seen some short-term rallies. Historically, DOGE has gone through significant breakouts and surges in interest.
In early 2026, DOGE transactions are down to all-time lows of around 24K per day. During active periods, DOGE has handled over 2M daily transfers. Currently, the DOGE network carries around 50K daily active wallets.
One big boost for DOGE may be the introduction of payments through X. DOGE has been promised to become the asset for micropayments, though adoption has lagged despite Elon Musk’s promises.
Total payment volume on Solana is up by over 755%
In related news, Solana turned into a settlement layer for payments in the past year, outperforming other networks and some fintech apps. While fintech has advanced in the past year, some of the payments are still using outdated rails, have downtime, or cause delays.
Total payment volume on Solana grew by 755.3% in 2025, surpassing other fintech apps, which also saw increased volumes.
The Solana network carries 46% of stablecoin transfers among its peers, including competing L1 and L2 chains and fintech apps. In the past year, Solana carried an estimated $2.61B in stablecoin payments.
Solana competes with Polygon, Base, and Arbitrum for fast and cheap payments. Just like Polygon, Solana aims to add payments as one of its main use cases, to offset the slowdown of other narratives and use cases.
In 2025, Solana got a boost from partnerships with VISA, Stripe, and Worldpay, where the chain was used to accept and settle stablecoin payments. VISA’s USDC pilot program passed $3.5B in annualized volume. Worldpay reduced processing times by 50% using the Global Dollar Network (USDG), explained Messari. Solana carries 57% of the USDG supply, in addition to other stablecoins.
Toward the end of 2025, Solana was also added to Revolut as a payment gateway, further exposing the network to mainstream users.
Solana is one of the most active venues for USDC, but has also seen an inflow of branded assets. The chain carries a significant part of the supply of PYUSD, which increased its payment speed by 500% in the past year.
Western Union also chose Solana to launch its native stablecoin. Fiserv also launched its FIUSD, tailored as a tool for interbank payments.
The Gusto project aims to further speed up USDC payments and make them compatible with small businesses in the USA.
The increased payment volume boosted the Solana network fees. Solana is now the second-biggest fee producer after TRON, with over $5M in weekly fees from transactions. The increased network activity supported SOL, which recovered to $88.48 after the latest dip below $80.
