Dogecoin has dropped nearly 11% in the past 24 hours to $0.17, its lowest price since early November, and is down 30% over the last month. The decline comes as major cryptocurrencies erase the gains made last week after President Donald Trump announced plans for a U.S. crypto reserve. Bitcoin, Ethereum, XRP, and Cardano have all fallen sharply, with some trading below their pre-announcement levels.

Bitcoin dropped nearly 6% to $80,000, erasing last week’s surge. Ethereum is down by the same percentage, while XRP has fallen more than 7% to $2.18. Solana, another cryptocurrency Trump mentioned, has declined 3% to $133. Cardano has dropped 8% in the past day to $0.744 but remains up 7% for the month after last Sunday’s spike.

The crypto market turmoil follows Trump’s executive order, establishing a strategic Bitcoin reserve and a separate digital asset stockpile. Under the order, the U.S. Treasury will hold Bitcoin seized from criminal and civil cases, with the possibility of acquiring more on the open market. The policy shift initially boosted prices but has since led to uncertainty.

Trump’s trade policies have also unsettled financial markets. His reversal on tariff plans has caused confusion among equities traders, contributing to one of the worst weeks for the S&P 500 in months. Bitcoin, which has been volatile alongside traditional markets, has swung between $94,770 and $80,126 over the past seven days. It is currently trading at around $82,250 after rising less than 1% this week.

Meme coins have been particularly affected. Dogecoin has suffered the most, but Trump’s own TRUMP token on Solana has also fallen sharply since its January peak. Meanwhile, LIBRA, the cryptocurrency promoted by Argentine President Javier Milei, has faced significant backlash.

Market instability has led to widespread liquidations. According to CoinGlass, $276 million worth of crypto futures positions have been wiped out in the past 24 hours, with most losses coming from long positions.

As traders react to shifting policies and economic uncertainty, digital asset prices continue to fluctuate. While some coins remain above their pre-announcement levels, the broader market remains volatile following Trump’s policy shifts and ongoing speculation about the government’s next steps in crypto regulation.