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The %MemeCoin frenzy of the past few months has cooled off in a hurry.

Most meme coins have fallen dramatically from the peaks they reached after the re-election of U.S. President Donald Trump last November.

%Dogecoin (CRYPTO: $DOGE ), one of the more popular meme coins, is now down more than 60% from its peak and trading at $0.22 U.S. per digital token.

%Fartcoin (CRYPTO: $FARTCOIN ), one of the most speculative %Cryptocurrencies, has declined 90% from its peak, with most of those declines coming in February.

And the Trump and Melania meme coins are each down more than 80% from their peaks reached around the U.S. president’s inauguration Jan. 20.

The selloff comes amid a broader decline in cryptocurrency prices since Trump returned to the White House, with %Bitcoin (CRYPTO: $BTC ) falling from a peak of $109,000 U.S. to about $80,000 U.S. during February.

Meme coins are also under pressure after the U.S. Securities and Exchange Commission ruled recently that most of the digital tokens are “not securities” and should not be treated like stocks.

Not even Trump’s announcement in recent days that his administration is moving forward with a strategic crypto reserve has been enough to stop the slide in meme coins.

Dogecoin is down nearly 10% on March 3, days after Trump said on social media that he plans to create a crypto reserve and teased details about the move.

The crypto reserve will not only involve Bitcoin but also include other cryptocurrencies such as %Ethereum (CRYPTO: $ETH ), XRP (XRP), %Solana (CRYPTO: $SOL ) and %Cardano (CRYPTO: $ADA ).

A strategic crypto reserve would see the U.S. government potentially buy billions of dollars worth of cryptocurrencies, sending prices higher as a result.

However, after an initial rally on the news, crypto prices have again turned lower, dragging meme coins down with them.

Dogecoin is now down 31% on the year.