Dog-themed meme coin Dogwifhat (CRYPTO: WIF) continued its upward march Monday, leaving market heavyweights trailing.

What happened: The Solana (CRYPTO: SOL)-based token spiked over 5% to become the second-biggest cryptocurrency gainer over the last 24 hours. Its trading volume popped 176% to $1.64 billion, making it one of the most traded meme coins in the 24-hour period.

WIF defied the pullback in blue-chip currencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE), which fell 1.88% and 6.51%, respectively.

Notably, the memecoin's Open Interest slid 2.34% in the last 24 hours, according to Coinglass. Typically, a decline in Open Interest combined with a price increase implies that shorts were covering their positions.

Furthermore, over 70% of Binance traders with open WIF positions were long as of this writing, signaling that the rally would sustain..

Meanwhile, the Relative Strength Index, used to determine if the asset is overbought or oversold, flashed a "Sell" signal for the coin, according to TradingView. To the contrary, the Moving Average Convergence Divergence, which compares two exponential moving averages of price, generated a "Buy."

Price Action:  At the time of writing, WIF was exchanging hands at $1.09, up 5.12% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the coin has lost 41.26%.

Photo Courtesy: Akif CUBUK On Shutterstock.com

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