According to CoinGecko, the top trending altcoins today are mostly meme coins and are on the list for different reasons. Interestingly, all of these altcoins have previously appeared on the list.
This suggests that the narrative around them could be around in the long term. While that remains uncertain, the top three trending altcoins include Peanut the Squirrel (PNUT), Notcoin (NOT), and Department of Government Efficiency (D.O.G.E)
Peanut the Squirrel (PNUT)
PNUT is one of the top trending altcoins for two reasons. First, reports emerged that the squirrel the altcoin was named after did not have rabies.
According to reports from the New York Post, Chemung County Executive Christopher Moss disclosed that the results from the test were negative. This development contradicts the report of the Department of Environmental Conservation, which claimed that the squirrel bit an agent and was decapitated for fear of rabies.
Secondly, following the recent development, PNUT’s price climbed by 180%. Its market cap also surged above $1 billion. On the 1-hour, the meme coin seems to be getting a high level of volume, suggesting that market interest in it is huge.
Should this continue, then PNUT’s price might continue to climb, especially as the Chaikin Money Flow (CMF) shows increased buying pressure. If that is the case, the token’s value could rise to $2. However, increased profit-taking could change things, and PNUT could drop below the $1 threshold.
Notcoin (NOT)
Notcoin, the Telegram-based token, is also among the trending altcoins today. But unlike PNUT, Notcoin is not trending because of a price increase. Instead, the token is trending because it has been unable to maintain the uptrend it has had over the last few days.
In the last 24 hours, NOT’s price has decreased by 12% and currently trades at $0.0070. On the daily chart, the altcoin initially broke out of a falling wedge and showed signs of rallying toward $0.012.
However, resistance at $0.0079 has invalidated that prediction. Now, with a drop in buying pressure, Notcoin’s price looks on its way to hitting $0.0056. On the flip side, if the token fails to slide below the lower trendline of the wedge, that might not happen; instead, it could rise to $0.012.
Department of Government Efficiency (DOGE)
Last on today’s list of trending altcoins is the Department of Government Efficiency, a Solana meme coin created in response to Elon Musk’s proposal for the incoming Donald Trump-led government.
DOGE is trending because Trump has approved the agency in his government, and Tesla CEO Elon Musk and biotech founder Vivek Ramaswamy will lead it. Moments after the development was confirmed, the altcoin’s price skyrocketed.
Further, DOGE’s price has increased by 77% in the last 24 hours and is currently trading at $0.39. The altcoin’s value might continue to climb as Musk is likely to continue talking about it until Trump’s inauguration. However, if the altcoin holders decide to sell in large volumes, the price might retrace in the short term.
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