Why Dogecoin Is Getting Hammered

Dogecoin DOGE/USD is trading lower by some 5.10% to $0.068 Thursday afternoon. The broader cryptocurrency market is experiencing marked weakness as Silvergate Capital Corp's planned liquidation has weighed on banks with crypto exposure.

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Silvergate shares are plunging and taking crypto down with it Thursday after the company said it will wind down operations and voluntarily liquidate Silvergate Bank. Several top cryptocurrencies are selling off alongside the crypto-linked company.

Silvergate's liquidation plan includes full repayment of all deposits. The company also said it's considering how best to resolve claims and preserve the residual value of its assets.

According to data from Benzinga Pro, DOGE has a 52-week high of $0.178 and a 52-week low of $0.049.