Tesla CEO Elon Musk pumped the price of a token by over 3,000%, despite saying he was joking.
Elon Musk’s Manchester United joke resulted in 3,000%
Elon Musk has said that he will buy the football team Manchester United at night.
After the tweet, which went viral in a short time, Musk stated that it was a joke in response to a user from Twitter.
Elon Musk tweet launches fake MUFC token
Meanwhile, MUFC, which has skyrocketed over 3000%, is not an official Manchester United crypto token. The corresponding token had previously lost 100% of its value and reached 0. A tweet by Elon Musk on August 17 brought the token back to the agenda. MUFC rose to $0.01889 after Musk’s tweet, according to data from Binance-based DEX platform PooCoin. The short-term rise reached 3,000% at one point. As the chart below shows, the MUFC price dropped below $0.001782 at the same speed after Musk said he was joking.
What is MUFC token?
The fake MUFC token was released in August 2021 by a group of supporters of the English Premier League club. The cryptocurrency became popular after the team behind its development airdropped 10 million tokens to MUFC supporters. These actions helped raise the value of the token to the top of $1 at the time. After its rally in November, the MUFC gradually faded into obscurity until Musk’s tweet breathed new life into it.
Tweet not only MUFC token rose
However, even Manchester City’s official crypto token, CITY, rose nearly 14% to $7 after Musk’s tweet, despite Manchester City being a different football club. On the other hand, according to data obtained by CoinPaprika.com, MUFC was the biggest boom with 3,000% after Musk’s tweet about the acquisition of Manchester United. Meanwhile, net volume supporting MUFC’s 3,000% rally was around $39,000 in the last 24 hours. This suggests that there are fewer investors behind the massive upside move.
Therefore, few speculators have used MUFC’s weak liquidity to artificially pump the token. The number of investors buying the wrong upside narrative remains unclear. But given that the MUFC has already dropped 50% from its local peak, there is a good chance its rate will return to zero.
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