Punk isn't dead, it has just evolved.
Punk music has gone through an evolution ever since the punk explosion in the late 70's. Although today's punk music maintains most of the idea and sound that defines the punk genre, there are some distinct differences between 90's and 70's punk. In 1970, the word "punk" was first printed in a music magazine. The music was described as "visionary expiation, a cry into the abyss of one's own mordant bullshit" and "the poetry is puked, not plotted". Most of the punk bands to emerge and gain popularity in the 90's mostly hailed from California (Green Day, the Offspring, etc.). Punk coming from the 70's hailed from the East Coast and from Great Britain (the Ramones, the Clash, etc.). The Sex Pistols emerged in the late 70's as one of the first politically charged punk bands, supporting anarchy in most of their tunes. The band embraced and produced songs that reflected the punk beliefs "rebellion and nihilism". Punk, these days is more fun, carefree, rebellious, and filled with adolescent related problems. .
One interesting quote about Punk was from Green Days frontman Billie Joe Armstrong, "A man once asked me, what's punk? I kicked over a trashcan and said that's punk. He kicked over a trashcan and then asked me again, is that punk? I replied no. That's just trendy". As a fan of punk music myself, that quote is totally true. Proper punk bands were the bands like Iggy Pop, The Ramones, The Clash and The Sex Pistols. Later bands were just evolutions of the earlier sounds.
If you want to get really specific, Frank Meyer talks about the different sounds in 70s punk and todays punk in an Alternative press article. The harsh, dense noise that is the hallmark of every Sex Pistols song can be heard .
in "Liar." The distorted guitar is the centerpiece of most punk music. The technique creates and adds tension to the music. The drums more prominently produce this chaotic sound.