Fake Man Utd token – Following the Tesla CEO’s jokes, Elon Musk, who Tweeted his intentions to buy the Premier League giant club side, Manchester United, a fake token linked to the club side has gained over 3,000% consequently.
However, there’s a feasible rally in Memecoins which seemingly has been at the forefront on the crypto gainers chart, It receives a boost as the U.S. CPI data has lately encouraged riskier behavior from investors, this has consequently pushed the raise of fake tokens.
It’s note-worthy to put it straight that there are many legitimate fan tokens in circulation related to other clubs, however, the Manchester United token is a fake coin and has no alliance of any kind with the Premier League side.
The rally in this token is related to Elon Musk’s tweet, which catalyzes to revive a frenzy in the token’s acceptance and price action.
The token came into being in August 2021, following the cooperation within a team of programmers who are said to be Manchester United fans, falsely claimed that holding the token would give buy influence on the football club’s decisions.
Facts about fake Man Utd token
- People behind fake Man Utd token conducted an airdrop round of 10,000,000,000 MUFC in November 2021, with a promise to provide 10,000 MUFC to users who followed its official social media handles. The idea of getting free tokens helped the price rally to as high as $1 back then.
- The project could not fly, eventually leading MUFC down by 100% after November, it was considered non-existent until a tweet from the world’s richest man on August 17 revived it. Musk tweeted that he’ll buy Manchester United football club, however, later admitted was a joke over the space of four hours.
- The message sent the fake Man Utd token financial asset to rise by 1.97% in pre-market trading, and Tezos, the club’s official blockchain, and training partner, whose market valuation surged by $138.85 million.
- Relatively, Manchester City’s official crypto token, CITY, popped higher by nearly 14% to reach $7 per piece after Elon’s tweet, this was evident regardless that Man City is a different football club.
- The fake Man Utd token appears to be a price manipulation due to extremely poor liquidity and volume in the token’s price.
- The net value that backed MUFC’s $3000% rally was approximately $39,000 which suggests fewer traders behind the major upside move.
It appears a small number of speculators likely used MUFC’s poor liquidity to artificially pump tokens. The number of traders who bought the false upside narrative remains unclear, however, given that MUFC has already dropped by 50% from its local top, the prospect that its rate will make a return to zero remains high though remains a subject of dispute.
On the foregoing, investors are advised to remain cautious and ensure to carry out their research before buying the token.