Dogecoin-Inspired Memecoin Spikes 8% On Monday Morning: What's Going On?

Dogwifhat (CRYPTO: WIF) was one of the cryptocurrency market's biggest gainers early Monday morning, surpassing the more popular dog-themed coins in the process.

What happened: The Solana (CRYPTO: SOL)-based token jumped over 8% in the last 24 hours, becoming the most successful meme coin with a market valuation of more than $1 billion. The coin’s trading volume rose 11% to $464 million.

WIF's surge outperformed leading meme coins like Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB), which rose 3.87% and 2.28%, respectively, in the last 24 hours.

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Speculative interest in the coin rose, with Open Interest jumping 4.33% to $470 million in the last 24 hours, per Coinglass. Nearly 70% of all Binance traders with open WIF positions were positioned long as of this writing.

Meanwhile, moving averages, both exponential and simple, flashed "Buy" signals for DOGE as of this writing, according to TradingView. Conversely, the Moving Average Convergence Divergence momentum indicator, which compares two exponential moving averages of price, exhibited 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 represented 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.

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. Year-to-date, the coin has lost over 38% of its value.

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