In the early hours of Monday morning, Dogwifhat's WIF/USD token took the lead in the broader cryptocurrency rally, driven by optimism surrounding the U.S.-China trade agreement.

Over the past 24 hours, the Solana SOL/USD-based meme coin experienced a remarkable 46% surge, making it the second-most successful cryptocurrency. Concurrently, the coin's trading volume witnessed a substantial increase of nearly 50%, reaching $1.14 billion.

This rally contributed to a weekly surge of 124% for WIF, while its monthly gains crossed the 192% mark.

In comparison, the gains made by top meme coins like Dogecoin DOGE/USD and Shiba Inu SHIB/USD were less significant, with both rising by 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," highlighting his bullish perspective.

Another cryptocurrency trader, known as Crypto Mechanic, acknowledged that the coin experienced a "great" move, but he believed that now may not be the most favorable time to purchase WIF.

"Allow the price to enter consolidation or provide some LTF pullbacks, which would create a less risky setup in my opinion," the trader stated.

Launched in November 2023, dogwifhat features a Shiba Inu dog wearing a pink knitted hat. The Shiba Inu theme has held significant importance in the meme coin domain since the introduction of Dogecoin.

This sharp increase in WIF followed a broader rally in the cryptocurrency market, triggered by the announcement of a trade agreement between the U.S. and China.

At the time of writing, WIF was trading at $1.26, indicating a 46.74% rise over the past 24 hours, according to data from Benzinga Pro.