The cryptocurrency market saw some activity early Monday morning, with Dogwifhat WIF/USD being one of the biggest gainers among the meme coins and surpassing even the more popular dog-themed coins.

What Happened: The Solana SOL/USD-based token went up over 8% in the last 24 hours, making it the most successful meme coin with a market valuation of more than $1 billion. The coin’s trading volume also increased by 11% to $464 million.

WIF's surge outperformed the leading meme coins, Dogecoin DOGE/USD and Shiba Inu SHIB/USD, which went up by 3.87% and 2.28%, respectively, in the last 24 hours.

Speculative interest in the coin also rose, with Open Interest rising by 4.33% to $470 million in the last 24 hours, according to Coinglass. Nearly 70% of all Binance traders who had open WIF positions were positioned long at the time of writing.

Moreover, indicators were flashing "Buy" signals for DOGE as both exponential and simple moving averages were indicating a bullish bias, according to TradingView. However, the Moving Average Convergence Divergence momentum indicator, which compares two exponential moving averages of price, was showing a bearish "Sell" signal.

WIF's spike was part of the broader market recovery after President Donald Trump delayed tariffs on European Union imports by over a month.

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

Price Action: At the time of writing, WIF was trading at $1.26, showing a gain of 46.74% over the last 24 hours, according to Benzinga Pro. For the year-to-date period, the coin had decreased by more than 38%.