Manchester United Fan Token (MUFC) price soars as Elon Musk says he will buy the club

YEREVAN (CoinChapter.com) — The price of Manchester United Fan Token (MUFC) is soaring again. Fans hoping to make a quick buck rushed to buy the token after Tesla CEO Elon Musk tweeted that he was buying the iconic English club. 

According to CoinPaprika, the MUFC token rallied from $0.00001965 to as high as $0.00754318 on August 17. This is a whopping 38,000% jump within a matter of hours. 

What is the MUFC token? Remember the scam allegations? 

The MUFC token came into existence at the end of last year due to efforts from random programmers claiming to be fans of the Manchester United football club. Through aggressive online marketing, which included an airdrop, the token’s fanbase grew in a short time. 

Claiming to give fans broader accessibility, more functionalities, and lower transaction costs, the group issued the MUFC token on the Binance Smart Chain (BSC) as a native BEP-20 token. 

As CoinChapter reported, MUFC soared over 600% following its official launch. 

However, it was soon hit by a scam and rug pull allegation. Several users came out to warn that the token was fake. Even Manchester United allegedly issued a message to the effect. 

According to one Twitter user, the official Brand Protection team of the iconic English club had allegedly confirmed that the project was in no way affiliated with Manchester United. 

As an earlier report by CoinChapter revealed, major cryptocurrency tracking websites, such as CoinMarketCap and CoinCodex, delisted the Manchester United Fan Token (MUFC).

However, after remaining off the radar for months, the token is back in the news. 

Recommended: Manchester United Fan Token, aka MUFC, plunges over 60% two weeks after the airdrop.

Elon Musk jokes about buying Manchester United FC

The poor performance of Manchester United has left the club’s fans red-faced and dejected. Last Saturday, the club suffered an embarrassing 4-0 defeat at the hands of Brentford, sending the club to the bottom of the Premier League.

It is no surprise that Elon Musk was excited when he said he would buy the $2 billion club. 

However, hours after the tweet, he returned to reveal that he was only joking and had no plans to buy the Red Devils. 

“No, this is a long-running joke on Twitter. I’m not buying any sports teams,” 

Musk replied to a fan asking if he was serious.

The world’s richest man referred to several instances when fans had asked him to buy the club following his bid to buy Twitter. 

Following the revelation, the price of the token began tanking. At the time of writing, MUFC trades for $0.00009136, still a 572.83% increase since the rally began. 

Despite all the flare, MUFC remains a little-known altcoin with nothing to show. But, Elon Musk or not, the fact that some people are willing to risk their hard-earned money into such projects shows the lack of crypto literacy.