Solana-based meme coin Punch experienced a significant surge, with its market cap reaching $40 million before settling at $37 million. The coin's price rose by 51% in the past 24 hours, now standing at $0.037. Trading volume during this period exceeded $19.4 million. Despite the impressive gains, investors are cautioned about the inherent volatility and speculative nature of meme coins, which often lack intrinsic value or utility.