The evolutionary theory that suggests that a species can suddenly and rapidly evolve into a new species is ?

Punctuated Equilibrium/ Equilibria proposes that once species appear in the fossil record, the population  will be in the state of little or absent morphologic change. This is called a state of stasis. The theory further proposes that the population is confined to infrequent and geographical rapid events when significant evolutionary change happens.  The parent species will the split into two distinct species. This process if called cladogenesis.

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