A fake Manchester United token as gained over 3,000% after Elon Musk, the world’s richest man, stated that he was joking when he earlier tweeted that he would buy the English Premier League club.
Although we are seeing a rally in Memecoins like Dogecoin; which has been leading on the crypto gainers chart, as new U.S. CPI data has encouraged riskier behaviour from investors, however, this riskier behaviour has encouraged the rise of fake tokens.
To emphasize to the cryptocurrency community, while there are many legitimate fan tokens in circulation, related to other clubs; the Manchester United Fan Token (MUFC) is a fake coin and has nothing to do with the sports franchise. The rally in the token is due to Elon Musk’s tweet; which was enough to revive a frenzy in the token’s price action.
The token came into existence in August 2021, after a team of programmers; who are said to be hardcore Manchester United fans; falsely claimed that holding MUFC would give buy influence on the football club’s decisions.