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Mock Manchester Tokens Spike 3000% After Elon Musk Jokes About Buying Team

Some fake football tokens suddenly spiked on Wednesday after billionaire CEO Elon Musk announced in a tweet that he intends to buy Manchester United FC. However, when questioned on the authenticity of his announcement, the entrepreneur tagged it as a long-running joke.

Musk Resucitates Defunct Coin With a Tweet

On August 17, Tesla CEO Elon Musk made a tweet where he announced that he intended to purchase the soccer team Manchester United. Hours later, the MUFC token, a previously dead faux coin unrelated to the football club, experienced 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 traffic to the erstwhile struggling coin and many other Manchester United-related assets. MUFC spiked in volume by $39,000, a 3000% increase per coinpaprika.com data. Notably, the sports club’s stocks MANU also surged by close to 2% in the pre-market. In addition, Tezos (XTZ), Manchester United’s Blockchain partner and representative’s market valuation, increased by almost $140 million.

Interestingly, another soccer club (rivals Manchester City) benefited from this event. City’s official cryptocurrency, CITY, soared to $7, gaining 14% under a day. Elon Musk’s tweet might have impacted the rival token even though it isn’t connected to Manchester United.

The Manchester United Fan Token

Manchester United Fan token (MUFC) is a fake token created a year ago by devs who describe themselves as die-hard fans of the club. The team falsely promoted $MUFC as a governance token and claimed holders would have certain rights over the club’s decision.

They later staged an airdrop of 10 billion tokens while offering 10,000 tokens to individuals who follow their socials. The strategy caused the token price to soar as high as 1$.

$MUFC eventually crashed when Manchester officials denied involvement and they hype dwindled.

$MUFC Down, But Musk’s Sway Remain

Meanwhile, $MUFC’s sudden rally seems related to a handful of speculators taking advantage of its illiquidity to manipulate the price. This appears increasingly true especially considering the token’s narrow volume of $39k in the past 24 hours. Furthermore, the faux token has dropped by more than 50% since the announcement and is likely to return to its extinct state. 

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Regardless of these, the recent slew of events only suggests yet again how much sway Elon Musk’s actions might hold over the crypto market.

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