Bonk Meme Coin Hits New High, But Sustaining Momentum to Beat Shiba Inu Still a Tall Order

• Bonk, a Solana-based meme coin, has reached a new all-time high of $0.00003876 amid a market rally, up 55% in 24 hours. This raises the question of whether it could hit $0.01 before the popular meme coin Shiba Inu.

• Bonk is up 5,000% year-to-date, showing tremendous momentum and thickening competition in the meme coin market. However, with its RSI indicator showing 90 (overbought), a correction may be coming.

• Bonk's price surge is likely fueled by whale purchases, with $1 billion in trading volume. A sell-off and profit-taking could lead to a correction.

• It will be difficult for Bonk to sustain its trajectory and reach $0.01 before Shiba Inu, given the volatility of meme coins.

• How Bitcoin performs over the next week heading into its April halving event will indicate whether this rally can continue and propel Bonk higher.