Dogwifhat WIF/USD Spearheaded the Broader Cryptocurrency Rally

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

The cryptocurrency market saw a rally early Monday morning, with Dogwifhat WIF/USD spearheading the gains and optimism regarding the U.S.-China trade deal fueling the rally.

What Happened: The Solana SOL/USD-based meme coin experienced a surge of 46%, making it the second-most successful cryptocurrency in the last 24 hours. The coin's trading volume also shot up by nearly 50% to reach $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.

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.

in all honesty $WIF looks very clean, think invalidation is around ~$0.75-$0.80 high timeframebut a lot of alts look similar to this, hype & fartcoin were just first to move but didn't believe at all that alts would follow on these breakouts pic.twitter.com/Vl33yXXYEN

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.

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

Meme coins attract the most volume when the market shows some strength.$WIF did a great move but if you are thinking to buy now i think you are late to the party.Let the price go into consolidation or give you some LTF pullbacks that would be a less risky setup imo. pic.twitter.com/D6aXOq5KTz

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, showing an increase of 46.74% in the last 24 hours, according to Benzinga Pro.

Read Next: Bill Gates Left Behind By Satoshi Nakamoto: Bitcoin Creator’s Wealth Now Eclipses That Of Microsoft Co-Founder Amid Crypto’s Sharp Rebound