The Solana-based meme coin WOJAK has reached a new milestone, briefly surpassing a $40 million market cap. According to GMGN data, WOJAK's market cap hit $38.07 million, marking a 90.83% increase within 24 hours. Despite this surge, Blockbeats cautions that meme coins like WOJAK often lack substantial real-world applications and are prone to significant price volatility, urging investors to exercise caution.