Tesla CEO Elon Musk pumped the price of a token by more than 3,000%, despite saying he was joking.
Elon Musk’s serve against Manchester United led to 3,000%
Elon Musk said he will buy Manchester United football team overnight.
After the tweet went viral in a short time, Musk said it was a joke in response to a Twitter user.
Elon Musk’s tweet throws a fake MUFC token
Meanwhile, MUFC, which has skyrocketed by more than 3000%, is not an official Manchester United crypto token. The corresponding token had previously lost 100% of its value and reached 0. A tweet from Elon Musk on August 17 put the token back on the agenda. MUFC rose to $ 0.01889 after Musk’s tweet, according to data from Binance-based DEX platform PooCoin. The short-term increase hit 3,000% at one point. As the chart below shows, the price of the MUFC fell below $ 0.001782 at the same rate after Musk said he was joking.
What is the 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 threw 10 million tokens to MUFC supporters. These actions helped increase the value of the token to a maximum of $ 1 at that time. After the November rally, the MUFC gradually faded into obscurity until Musk’s tweet gave it new life.
Tweet not only increased the MUFC token
However, Manchester City’s official crypto token, CITY, also 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, the MUFC was the biggest boom with 3,000% after Musk’s tweet about the acquisition of Manchester United. Meanwhile, the net volume supporting the MUFC’s 3,000% rally has been around $ 39,000 in the past 24 hours. This suggests that there are fewer investors behind the massive bullish move.
Therefore, few speculators have used the MUFC’s weak liquidity to artificially pump the token. The number of investors buying the wrong bullish narrative remains unclear. But given that the MUFC has already dropped 50% from its local peak, there’s a good chance its rate will return to zero.
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