Mock Manchester Tokens Spike 3000% After Elon Musk Jokes About Shopping for Crew

Some pretend soccer tokens abruptly spiked on Wednesday after billionaire CEO Elon Musk introduced in a tweet that he intends to purchase Manchester United FC. Nevertheless, when questioned on the authenticity of his announcement, the entrepreneur tagged it as an extended operating joke.

Musk Resucitates Defunct Coin With a Tweet

On August 17, Tesla CEO Elon Musk made a tweet the place he introduced that he supposed to buy the soccer workforce Manchester United. Hours later, the MUFC token, a beforehand lifeless fake coin unrelated to the soccer membership, skilled a 3000% spike. The billionaire entrepreneur subsequently retracted his announcement claiming it was a “running joke”. He added he was not “buying any sports team.”

Nonetheless, Musk’s announcement drove site visitors to the erstwhile struggling coin and lots of different Manchester United-related property. MUFC spiked in quantity by $39,000, a 3000% improve per coinpaprika.com information. Notably, the sports activities membership’s shares MANU additionally surged by near 2% within the pre-market. As well as, Tezos (XTZ), Manchester United’s Blockchain companion and consultant’s market valuation, elevated by virtually $140 million.

Curiously, one other soccer membership (rivals Manchester Metropolis) benefited from this occasion. Metropolis’s official cryptocurrency, CITY, soared to $7, gaining 14% underneath a day. Elon Musk’s tweet might need impacted the rival token although it isn’t related to Manchester United.

The Manchester United Fan Token

Manchester United Fan token (MUFC) is a pretend token created a 12 months in the past by devs who describe themselves as die-hard followers of the membership. The workforce falsely promoted $MUFC as a governance token and claimed holders would have sure rights over the membership’s determination.

They later staged an airdrop of 10 billion tokens whereas providing 10,000 tokens to people who observe their socials. The technique induced the token worth to soar as excessive as 1$.

$MUFC ultimately crashed when Manchester officers denied involvement they usually hype dwindled.

$MUFC Down, However Musk’s Sway Stay

In the meantime, $MUFC’s sudden rally appears associated to a handful of speculators profiting from its illiquidity to govern the worth. This seems more and more true particularly contemplating the token’s slim quantity of $39k previously 24 hours. Moreover, the fake token has dropped by greater than 50% for the reason that announcement and is more likely to return to its extinct state. 

No matter these, the latest slew of occasions solely suggests but once more how a lot sway Elon Musk’s actions would possibly maintain over the crypto market.



See Also
Veteran Investor Mark Mobius Expects Bitcoin to Fall Additional — Cautions Crypto Merchants In opposition to Shopping for the Dip

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