The subject of Elon Musk has come up once more! Not to alter, it took place on Twitter. As usual, you need to wait a few days to distinguish between your statements that are true and false. Let’s go back to the rumor that Elon Musk was about to purchase Manchester United of England and how this (false) statement affected the value of the MUFC coin.
False takeover announcement of Manchester United by Elon Musk
On Twitter, everything begins on August 17, 2022. The wacky American CEO issues two distinct tweets that are unrelated to one another. Elon Musk establishes his ideological position in his first tweet by putting himself in what could appear to be the middle of the political spectrum. The second tweet, though, is more intriguing! He says, “You’re welcome! I’m also in the process of buying Manchester United.”
The announcement undoubtedly caused a response on the web for a number of reasons. It first occurs at a time when Manchester United fans are urgently hoping for a new owner for their team. The American Glazer family has controlled the English team since 2005. It now belongs to Malcolm Glazer’s heirs, which are his six children, following his death. However, there is a very poor rapport between the Glazer family and the Mancunian supporters. In fact, Manchester United supporters hold the owners responsible for the team’s appalling management. It is true that the club has been through a serious issue for the past ten years. Although the club once belonged to the best of Europe, it is now regrettably a second-class club. Many fans criticize the Glazers for transforming the team into a marketing business and rejecting the sporting foundation that has contributed to its success.
One of the largest fan bases in the world, Manchester United followers, also reacted promptly to this statement. But Elon Musk himself went back to making his comments a few hours later. He said that it was a “long-time joke” when asked if he was serious.
The impact of the tweet stretched beyond the sportsman, even if the joke may have disappointed (or not?) many Mancunian admirers. Why ? In fact, this tweet affected the value of the MUFC token as well.
The MUFC token’s price skyrockets thanks to Elon Musk
Elon Musk’s post had an impact on all the resources that were somewhat (in fact, less than more…) related to the Manchester United team. For instance, Tezos (XTZ), a cryptocurrency, saw a price increase of roughly 2%. Why ? You only need to be aware that Tezos is Manchester United’s official blockchain partner to comprehend the motivation. For reference, the Tezos cryptocurrency resembles Ethereum (ETH). The Tezos blockchain enables the creation of decentralized applications and the execution of smart contracts, just as ETH (dApps).
Surprisingly, Elon Musk’s “joke” has caused the price of another cryptocurrency, the CITY token, to change. The official club fan token of Manchester City, a rival of Manchester United, is called CITY. The CITY token’s price rose by over 14% at the time of the announcement.
The MUFC or Manchester United Fan Token, however, is the most unexpected. What does MUFC stand for? This object has a connection to the Manchester United team. The MUFC token, on the other hand, is not a recognized club token like the CITY token. By club supporters, the MUFC token was developed in August 2021. It is not, however, the club’s recognized fan token. In November 2021, 10 billion MUFC tokens were issued shortly after they were created. However, the truth is that this token never really caught on, and its purpose in being created is at best dubious.
The MUFC token, which seems to be an official club fan token, actually appears more like a scam. Additionally, the MUFC price nearly lost all of its worth a short while after the tokens were distributed. Weird, isn’t it?
Unfortunately, Elon Musk’s tweet has given the token new life and shows that it is still alive. In fact, the MUFC token’s price has increased by approximately 3,000%! Given the token’s limited liquidity, this variance appears to be more of a price manipulation than anything else. We can only hope that any innocent people did not purchase this token as a result of Mr. Musk’s “joke” at this point.
Elon Musk, a proponent of cryptocurrencies
Whether on purpose or accidentally, Elon Musk’s tweets have already caused the web and cryptocurrency values to tremble. For instance, Elon Musk is a fervent advocate of the cryptocurrency Dogecoin (DOGE). The DOGE cryptocurrency, dubbed a “coin meme,” was first developed as a joke. The Dogecoin cryptocurrency then emerged as a result of the success. The DOGE coin currently ranks among the top 20 in the world with a capitalization of more than 10 billion euros. For your knowledge, Dogecoin is a cryptocurrency comparable to Bitcoin that is appropriate for decentralized payments.