According to Lookonchain, the price of $LLJEFFY experienced extreme volatility after rumors of Jeffy Yu's fake death circulated, causing a rapid surge followed by a steep decline. This event led to significant losses for traders who engaged in FOMO buying, with one individual losing $93,000 within just one hour (source: Lookonchain, May 7, 2025). Such sudden price swings highlight the high-risk nature of meme coin trading and underscore the importance of risk management strategies for crypto market participants.