Eric Trump's 'Great Time' To Buy ETH Backfires? Ethereum Plunges 30% Since His Buy Call

A little more than one month after Eric Trump thought the time was ripe to buy Ethereum ETH/USD, the second-largest cryptocurrency has plummeted 32%.

What happened: Eric Trump, Executive Vice President of The Trump Organization, has taken a bullish stance since his father, Donald Trump, assumed the U.S. presidency.

In an X post from Feb. 4, Trump suggested, "It's a great time to add ETH," garnering eyeballs from the cryptocurrency community. At the time, ETH traded around $2,735.

However, five weeks after the recommendation, the second-largest cryptocurrency has fallen to $1,855.58, marking a 32% decline.

Additionally, since Trump's "Buy The Dip" advice on Feb. 25, Ethereum has dropped 29%.

See Also: Microsoft May Have Given Bitcoin Investments A Miss But A Large MSFT Stock Holder Is A Strong Crypto, Blockchain Advocate

Why It Matters: Interestingly, the Trump family-backed cryptocurrency project World Liberty Financial has been a prolific accumulator of Ethereum, holding around 23,991 ETH, worth $44.46 million as of this writing, according to Spot On Chain. 

The ETH holdings were acquired at an average price of $3,148 per coin, with an average selling price of $2,909. Consequently, the platform has realized losses of $32.694 on the investments, with unrealized losses of $18.986 million as of this writing. 

Trump stated last week that Ethereum will be at the "heart" of a U.S. strategic cryptocurrency reserve, although the executive order he signed later made no mention of the cryptocurrency.

Price Action: At the time of writing, Ethereum was exchanging hands at $1,855.58, down 10.24% in the last 24 hours, according to data from Benzinga Pro. Year-to-date, the meme coin has plunged 44%.

Image via Shutterstock

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