This badge is rewarded for people who Cheer the top 1st in a channel.

Twitch has a leaderboard for people who Cheer the most in each channel, It goes up to the top 10 Cheeres, This badge is meant to be for the top 1st Cheerer in a Channel

This badge is only obtainable in Channels you Cheer the the top 1st, This Badge is only available in the Stream you Cheered the top 1st.

https://help.twitch.tv/s/article/twitch-chat-badges-guide