One of the main reasons why altcoins and meme token prices have surged is the overall bullish sentiment in the crypto market, driven primarily by Bitcoin's impressive leap over $70,000. Many investors view Trump as a more crypto-friendly leader compared to Biden, which is contributing to the overall market optimism.

Bitcoin's triumphant march past its previous high of $75,000, has ignited a rally across most cryptocurrencies and meme tokens.

Mining and the conversion of stablecoins to Bitcoin have also played significant roles in propelling Bitcoin's price upwards. Prominent market-maker firms are now actively pouring money into Bitcoin position and actively converting stablecoins into Bitcoin, further fueling its ascent.

Trump had also recently issued comments about cryptocurrency, defining it as a means of ensuring financial independence and freedom from government control. He has also criticized the US Federal Reserve's monthly interest rate hikes. Rampant inflation remains one of the most pressing issues as the US heads into the elections. Trump is vying for votes from the crypto community. Overall, the crypto market remains optimistic about a Trump victory.