Phony Manchester United token soars 3,000% after Elon Musk jokes about purchasing group
Manchester United Fan Token (MUFC) is a dead coin and unrelated to the sports franchise, however one Elon Musk tweet sufficed to restore it on Aug. 17.
Likewise, I’m purchasing Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
Phony Guy U token pumps after Elon Musk’s tweet
To clarify, MUFC is not a main Manchester United crypto token. It came to life in August 2021 after a group of developers, who are stated to be hardcore Manchester United fans, wrongly declared that holding MUFC would provide buye impact on the football club’s choices.
The group later on carried out an “airdrop” round of 10,000,000,000 MUFC in November 2021, guaranteeing to supply 10,000 MUFC to users who followed its authorities social networks manages. The potential customers of securing free MUFC tokens assisted its rate rally to as high as $1.
However the job ended up being vaporware, ultimately leading MUFC down by 100% after November. It was considered extinct till a tweet from billionaire business owner Elon Musk on Aug. 17 restored it from oblivion.
The Tesla CEO tweeted that he would purchase the Manchester United football club, which he later on confessed was a “long-running joke.”
No, this is a long-running joke on Twitter. I’m not purchasing any sports groups.
— Elon Musk (@elonmusk) August 17, 2022
However, the message sent out the monetary possessions connected to Manchester United skyrocketing, including its stock MANU, which increased 1.97% in pre-market trading, and Tezos (XTZ), the club’s main blockchain and training partner, whose market appraisal rose by $138.85 million.
Even Manchester City’s main crypto token, CITY, popped greater by almost 14% to reach $7 per piece after Musk’s tweet, in spite of Manchester City being a various football club.
On the other hand, MUFC rose by over 3,000% hours after Musk’s tweet about purchasing Manchester United, according to information brought by CoinPaprika.com.
” Manchester United fan token” has no liquidity
Nevertheless, the MUFC rally seems rate adjustment due to incredibly bad liquidity and volume.
Especially, in the last 24 hr, MUFC had actually been trading just versus 2 crypto possessions: WBNB and USDT. While the liquidity for the WBNB/MUFC set was simple $106.84, it was even lower for the USDT/MUFC set at around $10, according to information from PancakeSwap, a decentralized exchange.
On the other hand, the net volume that backed MUFC’s 3,000% rally was around $39,000 in the last 24 hr, recommending less traders behind the significant advantage relocation.
Therefore, a little number of speculators most likely utilized MUFC’s bad liquidity to synthetically pump the token. The variety of traders who purchased the incorrect advantage story stays uncertain, however offered thatMUFC has actually currently stopped by 50% from its regional top, the possibility that its rate would go back to no is high.
Related: Crypto rip-offs fall 65% after gullible noobs leave the marketplace: Chainalysis
On the other hand, the occurrence reasserts Musk’s strong impact on the crypto market, specifically on memecoins like Dogecoin.
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