Elon Musk has once again made the crypto market crazy. The Manchester United Fan Token (MUFC) soared 3,000% due to his tweet.
This time the market reacted to the tweet posted by Elon Musk on 17th August. The tweet has got over 870K likes and 120K retweets as of now. He tweeted about buying the Manchester United football club but he later clarified in reply to a comment, “Are you serious?” by replying “No, this is a long-running joke on Twitter. I’m not buying any sports teams.”
This confirms that he has no plans to buy Manchester United or any sports team for that matter right now. But in a further comment to this reply, he added,” Although, if it were any team, it would be Man U. They were my fav team as a kid.”
https://twitter.com/elonmusk/status/1559691922725281800
https://twitter.com/elonmusk/status/1559760618537848832
https://twitter.com/elonmusk/status/1559769337912856576
By the time he clarified, the market had already reacted. MUFC soared 3,000%. Before this rally, the token was a dead coin; the token had almost zero liquidity. Even in the present case, the rally is sustained based on really low liquidity.
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Is MUFC the Official Manchester United Token?
Actually, MUFC is not an official Manchester United crypto token. The token was created by a team of programmers who falsely claimed to the fans of the club that holding MUFC would give buyers influence on the football club’s decisions. The token came into existence in August 2021.
Looking at the low liquidity of the token, it seems that a few speculators must have pumped the token.
In the last 7 days, the lowest price of the token was $0.00001353 and the peak price was $0.007543. Currently, it is trading at $0.000103.
https://coinpaprika.com/coin/mufc-manchester-united-fan-token/
Not only did this MUFC token got pumped up but other assets relating to the club also saw a significant rise in their prices. Manchester United’s stock MANU and the club’s official blockchain and training partner Tezos (XTZ) saw an increase in their prices along with an increase in the price of the official crypto token of the club, CITY. To get info about real Football fan tokens, you can read our piece too.
This episode is quite similar to the other instances of Elon Musk’s tweets influencing the actions of the market and this reasserts the influence of Musk in the crypto market.
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