Elon Musk fake revives Manchester United crypto with a bad tweet

To some people on the internet, the things that Elon Musk posts about on Twitter are tantamount to good financial advice; his ability to manipulate market activity is well documented and over the years he has preached the gospel of Dogecoin, GameStop and of course Tesla, his own company.

This week, the world’s scariest billionaire (he’s number two at best if you want to make the case for Zuckerberg) turned his attention to Manchester United, one of the most recognizable football clubs in the world, and took note in the most off-hand way possible. that he would “buy” the team.

Following this innocent reply tweet, the value of the Manchester United Fan Token (MUFC), a cryptocurrency not associated with the team, increased by 3,000 percent, as noted by Cointelegraph. Before Musk’s claims, the value of MUFC was virtually worthless, amounting to fractions of a cent per token; examining a one-year valuation chart for the token will show that trading halted at the end of January.

Why would anyone do this? A cursory Google search will demonstrate that Manchester United have no official crypto token, and even some of the major crypto pricing sites that Coincodex include a warning for MUFC, advising “users to stay away from this token and its promoters, as they use misleading marketing.”

Examining the MUFC Twitter account will also reveal some blatant falsehoods – the account claimed back in August 2021when the token was first launched, that users who bought into the project would get “a tokenized share of influence on the club’s decisions.”

After reaching a price of $1 in November 2021, following some hype-building promises such as giving early buyers who followed the project’s social media a cache of 10,000 MUFC, the token crashed in December, before losing 100 percent of its value by the end of January 2022 .

The official site for MUFC is also no longer in use, which should have raised another red flag for anyone thinking of speculating on the chance that Musk would try to buy a sports team.

Musk are we doing this? — For 99.9 percent of the population, tweeting something like this would be forgotten almost immediately. But this is not just anyone; Techno King has one heartfelt following. In his defense, Musk did note the whole idea was a joke, albeit about four hours away from tweeting. Too little, too late, for some.

This saga only proves one thing: Musk is still capable of exerting influence on crypto speculation, even when he’s not trying to. And joke or not, fanboys always seem ready to follow him into battle, usually to their own detriment.