In recent years, the ponytail palm tree has become a popular houseplant and it is easy to see why. Its sleek bulb-like trunk and lush, long curly leaves make it visually stunning, and the fact that a ponytail palm is forgiving and easy in its care makes this an ideal houseplant for many people. Oddly enough, a ponytail palm tree is neither a palm nor a tree. In fact, it is a member of the Agave family and is actually a succulent. The common characteristics of this plant include a bulbous trunk, which is used to store water, and its long, hair-like leaves that grow from the top of the trunk like a ponytail, giving the plant its renowned name.