Solana-based meme coin Punch (PUNCH) has surged more than 80,000 percent since its launch, drawing investor attention.

On Feb. 20 (local time), blockchain outlet BeInCrypto reported that Punch was created with inspiration from a Japanese monkey and now has a market capitalisation above $30 million. Punch is being promoted as a community-driven cryptocurrency themed around emotion and companionship. The token supply is fixed at 1 billion, liquidity is locked and the transaction tax is 0 percent.

Punch ranks third among top trending cryptocurrencies on CoinGecko. It rose 22,290 percent over the past week and recorded its highest daily gain on CoinGecko. On Feb. 20, Punch hit a record high and its market capitalisation exceeded $30 million. Nansen data showed Punch's official holding ratio jumped 89.69 percent over the past 7 days.

Some analysts are raising the possibility of an internal adjustment amid the sharp rise. Blockchain analyst StarPlatinum said, "A wallet distributed 10 billion PUNCH, equivalent to 10 percent of the total supply, which is evidence of organised internal control." The wallet, known by the address 'A8Z1e', is reported to have sent 48.2 billion tokens to other wallets.

Cryptocurrency analyst White Whale also said, "The liquidity distribution is overly perfect, and this is not a natural market move." White Whale said this was not a direct accusation that the project team or developers led the activity, adding that the project itself "may be good, or it may not."

Investors are questioning Punch's sustainability, and experts urged a cautious approach, saying, "Surging meme coins come with high volatility and structural risks."