Dogecoin may be one of the most recognized crypto names, but its market depth is far weaker than many traders assume, according to CoinGecko’s 2026 crypto liquidity report.
The study examines available orders behind displayed prices rather than completed trading volume. It gathered daily snapshots from July 6 to September 3, 2026, comparing Bitcoin, Ethereum, XRP, Solana, and Dogecoin across eight exchanges. Its key distinction: trading volume shows trades already done, while order book depth measures orders available for potential execution. When nearby orders run out, the remainder of a large trade executes at worse prices, creating slippage.
Bitcoin liquidity improved from 2025. Across the eight exchanges, BTC had about $29 million in buy orders and $37 million in sell orders within $100 of the market price, almost 50% higher than the previous study. Binance supplied about $7.3 million in buy-side and $8.3 million in sell-side depth, or roughly a quarter of the measured Bitcoin liquidity.
Ethereum weakened relative to Bitcoin. ETH liquidity near market price was roughly 35% to 45% of Bitcoin’s depth, down from 60% or more in the prior report. Binance led close to the mid-price, while Bitget became more competitive when orders further from the market were included.
XRP depth stayed stable despite broader altcoin weakness. The measured range contained roughly $18 million in buy orders versus $14 million in sell orders, meaning more capital was shown on the bid side. However, this does not guarantee a rally because buy orders can be canceled. Binance was the closest-range liquidity leader, while Coinbase led slightly further from the market price. XRP also had less depth than Solana within ±2%, even though its market capitalization was larger.
Solana liquidity declined from about $28 million to $20 million per side, a drop of roughly 28.6%. MEXC led immediately around market price, but Coinbase became stronger across a wider range.
Dogecoin ranked last. DOGE had only about $9 million to $12 million per side across the eight exchanges within ±2%. That was the lowest liquidity among the studied assets. MEXC offered relatively strong DOGE depth near the market price and across parts of the wider range, while several other exchanges had thinner books. CoinGecko noted that only MEXC and Binance offered more than $1 million in DOGE market depth within the ±2% range.
The report indicates that smaller DOGE trades may still execute smoothly within available depth, but larger trades could face more slippage on thinner exchanges. Price popularity and market capitalization alone, the authors emphasize, do not determine execution quality.
