Fake Manchester United Token Soars 3,000% After Elon Musk’s Joke

Fake Manchester United Token Soars 3,000% After Elon Musk's Joke

Once again, the Tesla CEO made the community pranked by posting a tweet jokingly buying Manchester United.

The Manchester United Fan Token (MUFC) is a dead token and unrelated to the sports franchise, but a tweet by Elon Musk was enough to revive it on August 17.

To clarify, MUFC is not an official cryptocurrency token of Manchester United. It comes in August 2021 after a group of programmers, who are believed to be die-hard Manchester United fans, falsely claimed that holding MUFC would give buy-side influence over football club decisions.

The team then conducted an airdrop of 10,000,000,000 MUFCs in November 2021, promising to give 10,000 MUFCs to users who follow their official social media accounts. The prospect of getting MUFC tokens for free helped boost its price to $1.

But the project turned out to be broken, eventually causing MUFC to drop 100% after November.

The Tesla CEO tweeted that he would buy Manchester United football club, which he later admitted was a “joke”.

However, Musk’s message sent financial assets linked to Manchester United skyrocketing, including their MANU stock, up 1.97% in pre-market trading, and Tezos (XTZ), a mining partner the club’s official creation and blockchain, has an increased market value of $138.85 million.

Even Manchester City’s official crypto token, CITY, jumped nearly 14% higher to hit $7 following Musk’s tweet, despite Manchester City being another football club in the same city.

CITY daily chart. Source: CoinCu

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Harold

CoinCu News

Harold

With a passion for untangling the complexities of the financial world, I've spent over four years in financial journalism, covering everything from traditional equities to the cutting edge of venture capital. "The financial markets are a fascinating puzzle," I often say, "and I love helping people make sense of them." That's what drives me to bring clear and insightful financial journalism to the readers of Coincu.