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Summary
- UFC, a martial art fighting firm, received its first crypto sponsorship on Wednesday, July 7.
- Confused traders mistakenly helped a token named Union Fair Coin, also abbreviated as ‘UFC’, garner a massive spike.
- Amid the ticker confusion, Union Fair Coin (UFC) tokens soared over 100 per cent on Thursday, July 8.
Ultimate Fighting Championship, commonly referred to as ‘UFC’, was the one with the good news. On Wednesday, July 7, it announced bagging its first cryptocurrency sponsorship, worth US$ 170 million, from Hong Kong-headquartered exchange Crypto.com.
However, crypto token Union Fair Coin, which has a ticker of ‘UFC’, ended up being the one to record a 100 per cent surge in its value on Thursday, July 8 (2AM EST).
The spike, in seems, came as investors exploring Ultimate Fighting Championship’s crypto development mistook Union Fair Coin (UFC) to be the mixed martial art club’s token and ended up investing in it.
A similar confusion had happened in June, involving IRON Titanium Token (TITAN) and Titan Coin (TTN).
Investors and fans should know that the UFC team has not launched any crypto token as of now.
Union Fair Coin (UFC) vs Ultimate Fighting Championship (UFC)
On the stock markets, Ultimate Fighting Championship trades under its parent company Endeavor Group Holdings Inc. (EDR:US, NYSE:EDR).
The media diversified company’s stock improved by 2.58 per cent on Wednesday, and was marginally up after market hours on the back of the crypto sponsorship development.
Union Fair Coin, on the other hand, doubled in value in the last 24 hours and saw its one-day trading volume spike as much as US$ 1.34 million.
The penny crypto has a total supply of 20.99 million against its maximum supply of 21 million coins.
Copyright © 2021 Kalkine Media
Union Fair Coin is a cross-chain protocol that was developed using the Ethereum blockchain. The project seeks to offer underlying support to Decentralized Finance (DeFi) ecosystem. Decentralized application developers can use UFC cross-chain platform to interact with inside and outside digital assets.
UFC tokens started trading on July 23, 2020, with an initial token offering price of US$ 0.2809 apiece. The UFC token achieved its record high of US$ 0.63 apiece in mid-August 2020. It is currently trading at US$ 0.163 apiece, representing a 74 per cent drop against its lifetime high.
While its current market value is not available due to a lack of data, it ranks on the 2674th spot among 10,790 listed cryptocurrencies on CoinMarketCap. Its diluted market cap stands at US$ 3.33 billion.
How to buy Union Fair Coin (UFC)?
To enhance retail investors' participation, the UFC project team has been working to enable users to mine UFC tokens through their smartphones.
UFC crypto tokens are available for swap through EXX and ZB.COM, using Qcash (QC) and Tether (USDT) tokens. UFC token is not listed on mainstream crypto exchanges like Coinbase, Crypto.com, Binance, etc.
The above constitutes a preliminary view and any interest in stocks and cryptocurrencies should be evaluated further from investment point of view.
