Your Liquifying on point.
Thats not liquified, he has used a twirl filter on the c4d's. But it can sometimes look like its been liquified
The tag has good colors and flow, but there is too much blur so it ruins the depth. Also the render position is off a bit, it needs to brought down a few pixels imo.
I also find the lighting needs more work, especially on making it look more natural. As it stands now a lot of it looks forced, especially the orange lighting. It also needs a more defined light source above the render.
Lastly the blending needs a lot more attention, whilst I said the colors are good they don't quiet work with the render imo. You could make a case with the orange but the blue color doesn't fit well. Maybe go with a purple color that would match her clothing, or even a color that matches her skin. It also needs more adjustment layers tbh, gradient maps, a curves layer and an exposure layer would help make it pop more.