Following the announcement via Twitter that Elon Musk was buying Manchester United, the Fake Manchester token (MUFC) came alive and it’s price skyrocketed by 3000%. The tweet by Elon, which was intended as a joke, had a reviving effect on the token that was widely believed to be long gone.
The Manchester United Fan Token is a fake token that is not related to the original Manchester United team and is not a sports token. The token has been long dead and was inactive until Elon’s tweet.
MUFC was brought to life by a few hardcore Manchester fans
A group of programmers, who are rumoured to be ardent Manchester United supporters, wrongly stated that possessing MUFC would give them influence over the football club’s choices, which led to the creation of MUFC in August 2021.
An airdrop was also conducted later in November 2021 of 10,000,000,000 MUFC, where 10,000 MUFC were given to users who followed its social media channels. The free airdrop frenzy surged the token price to as much as $1.
The project then vanished in thin air without any movement and came back to life after Elon Musk’s Manchester purchase tweet. The tweet was later clarified as a joke by Elon.
On the other side, data retrieved by CoinPaprika.com shows that MUFC increased by nearly 3,000% in the hours after Musk’s tweet about purchasing Manchester United. The surge in price is mainly due to price manipulation as the token has very poor volume and liquidity.
According to the data from PancakeSwap, MUFC has been trading against WBNB and USDT with liquidity around $10.6 and $10, respectively. But the rally was short-lived and it has already dropped more than 50% from its surge.
The pump was short-lived and was an obvious price manipulation. It is very likely to go back to zero, and go back to sleep, never to be heard from again.