Dogwifhat WIF/USD spearheaded the broader cryptocurrency rally early Monday morning, fueled by optimism about the U.S.-China trade deal.

What happened: The Solana SOL/USD-based meme coin soared 46% to become the second-most successful cryptocurrency in the last 24 hours. The coin's trading volume surged nearly 50% to $1.14 billion.

The rally pushed WIF's weekly gains to 124% and monthly gains past 192%.

The upsurge dwarfed the gains made by top meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which rose 4.20 and 4.67%, respectively.

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Ansem, a veteran cryptocurrency trader and early investor in WIF, described the memecoin's chart as “very clean.” He also reshared Dogwifhat's slogan “Hat stays on," indicating his bullish outlook. 

Another cryptocurrency trader, going by the pseudonym Crypto Mechanic, acknowledged that the coin made a "great" move, but now may not be the best time to buy.

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"Let the price go into consolidation or give you some LTF pullbacks that would be a less risky setup imo," the trader said.

Launched in November 2023, dogwifhat is characterized by a Shiba Inu dog wearing a pink knitted hat. The Shiba Inu theme has been deeply rooted in the meme coin space since Dogecoin's launch.

The spike followed a broader cryptocurrency rally spurred by the announcement of a trade deal between the U.S. and China.

Price Action:  At the time of writing, WIF was exchanging hands at $1.26, up 46.74% in the last 24 hours, according to data from Benzinga Pro.

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