The Manchester United Fan Token is a dead coin unrelated to the sports franchise, but a tweet by Elon Musk was enough to revive it on August 17.
Also, I’m buying Manchester United ur welcome
— Elon Musk (@elonmusk) August 17, 2022
MUFC Pump after Elon Musk’s tweet
It should be noted that MUFC is not an official cryptocurrency token of Manchester United. It came into existence in August 2021 after a team of programmers, die-hard fans of Manchester United, falsely claimed that holding MUFC would enable buyers to participate in its decisions. Football club.
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 a free MUFC token helped the price rise to $1.
But the project turned out to be a scam, and when it all came out, the MUFC price dropped 100% after November. It was considered extinct until a tweet from Elon Musk on August 17 helped it. revival
The Tesla CEO tweeted that he would buy Manchester United football club, which he later admitted was a “joke.”
However, this has sent financial assets associated with Manchester United skyrocketing, including MANU shares up 1.97%, and Tezos (XTZ), the club’s official blockchain and training partner, saw a market cap increase of $138.85 million.
Even Manchester City’s official crypto token, CITY, rallied nearly 14% to hit $7 following Musk’s tweet, even though Manchester City is a different football club.
MUFC has no liquidity
However, MUFC’s rally seems to be just a price manipulation due to extremely poor liquidity and volume.
In the past 24 hours, MUFC only traded with two crypto assets: WBNB and USDT. According to data from PancakeSwap, a decentralized exchange, the liquidity of the WBNB/MUFC pair is only $106.84, while USDT/MUFC is even lower at around $10.
Meanwhile, the net volume supporting MUFC’s 3,000% rally is around $39,000 over the past 24 hours, suggesting that few traders are behind the larger upside move.
