Here’s why altcoins like  Floki, Synthetix, and Zcash are rising today

Bitcoin and most altcoins rebounded on Monday, continuing a performance that started during the weekend.

Bitcoin (BTC) rose above the key resistance at $111,000, while the market capitalization of all coins jumped to over $3.76 trillion. Some of the top altcoins like Floki (FLOKI), Synthetix (SNX), and Zcash (ZEC) were among the top gainers.

Floki price surges after Elon Musk X post

Floki, a top meme coin, jumped by 30% after an X post by Elon Musk and as supply on excanges dipped. In an X post, Elon Musk said that Floki, its dog, was now back as X CEO. This is was notable as Musk is the world’s richest person with a net worth of over $450 billion, according to Bloomberg.

Musk’s tweet on Floki, brought back memories of when Musk used to pump meme coins like Dogecoin. His post came as the amount of tokens on exchanges continued falling. There are now 2.04 trillion tokens in exchanges, down from 2.26 trillion in September. 

Smart money investors have also boosted their holdings to 478 million tokens from a low of 473 million last month. 

Still, it is unclear whether the Floki price will continue rising as the hype surrounding Musk’s X post will ultimately fade.

Synthetix price jumps as trading competition starts

Synthetix token has been in the spotlight in the past few weeks as it jumped by over 370% between its lowest level in September to its highest point this month. It then pulled back last week and bottomed at $1.3310.

SNX price rebounded on Monday after the developers published the list of eligible wallets eligible for the new trading competition that has started. 

This competition is part of its approach for the launch of its perpetual futures trading platform, which will compete with the likes of Aster and Hyperliquid. The 100 traders are competing for a $1 million prize.

Zcash price resumes its uptrend to form a double-top pattern 

Meanwhile, the Zcash price resumed its strong uptrend on Monday, rising by over 20% and reaching its highest level in over a week. It has jumped in the last four consecutive days and is up by 40% from its lowest level this month.

Zcash started its rally when Grayscale announced that it was launching a fund to track the coin. This fund has now accumulated over $85 million in assets despite having a 2.50% expense ratio.

Technically, the coin seems to be in the process of forming a double-top pattern at $295.45 and a neckline at $188.80. If this happens, there is a risk that it will resume the downward trend, and possibly retest the support at $188.80.