According to CoinGecko, the most popular altcoins today are mostly meme coins, and they have made it to the list for various reasons. Interestingly, these altcoins have all been on the list before.
This suggests that the narratives around them can be sustained in the long term. While it is not certain, the top three popular altcoins include PNUT, NOT, and the Department of Government Efficiency (D.O.G.E).
PNUT
PNUT is one of the top popular altcoins for two reasons. Firstly, there have been reports that the squirrel named after the altcoin is rabies-free.
According to a report by the New York Post, Christopher Moss, the administrator of Kemah County, revealed that the test results were negative. This development contradicts the report by the Department of Environmental Conservation that the squirrel had bitten an officer and was euthanized due to fear of rabies.
Secondly, recent developments have led to a 180% surge in the price of PNUT. The market capitalization has also surpassed $1 billion. On the 1-hour chart, this meme coin is showing high trading volume, suggesting significant market interest.
If this trend continues, the price of PNUT could continue to rise. Particularly, the Chaikin Money Flow (CMF) is showing an increase in buying pressure. In this case, the token value could rise to $2. However, if profit-taking increases, the situation may change, and PNUT could fall below $1.
NOT
NOT, a Telegram-based token, is also one of the popular altcoins today. However, unlike PNUT, NOT has gained popularity not due to a price increase, but because it has failed to maintain its recent upward trend.
Over the past 24 hours, the price of NOT has decreased by 12%, currently trading at $0.0070. On the daily chart, this altcoin had shown signs of breaking out of a descending wedge to rise to $0.012.
However, the $0.0079 resistance invalidated that prediction. Now, with buying pressure decreasing, the price of NOT appears to be heading towards $0.0056. However, if the token does not fall below the bottom trend line of the wedge, it could instead rise to $0.012.
DOGE
The last on the list of popular altcoins today is the Solana meme coin, the Department of Government Efficiency. This was created in response to Elon Musk's proposal, and is being led by Donald Trump in his government.
DOGE is gaining popularity because Trump has approved this agency in his government, and it will be led by Tesla CEO Elon Musk and biotech entrepreneur Vivek Ramaswamy. Immediately after the development was confirmed, the price of the altcoin surged.
Additionally, the price of DOGE has risen 77% in the last 24 hours, currently trading at $0.39. The value of the altcoin may continue to rise as Musk is likely to continue mentioning it until Trump's inauguration. However, if altcoin holders decide to sell in large quantities, the price could decline in the short term.
