WIF Describes Itself As

Dogwifhat (WIF) is a memecoin on the Solana blockchain described simply as “literally just a dog wif a hat.” The concept of dogwifhat originally came from a photograph of a Shiba Inu dog in a woven beanie, edits of which began circulating on X (formerly Twitter) in late 2019. WIF has a total supply of 998,920,173 WIF, with all tokens in circulation. 

Risks of WIF

Like an investment in other crypto assets, there are some general risks to investing in WIF. These include:  (i) volatility risk and liquidity risk, (ii) short history risk, (iii) demand risk, (iv) forking risk, (v) code defects, (vi) regulatory risk, (vii) electronic trading risk, and (viii) cyber security risk. For additional information of these and other general risks associated with crypto assets and Uphold’s platform, please refer to the Risks Specific to Holding Digital Assets statement.

In addition to these general risks, an investment in WIF is subject to the following specific risks:

• As a ‘memecoin’, WIF is a community project, led by an anonymous team. There is no roadmap, and no funds have been raised for the project’s future development. 
• Any potential success associated with WIF is reliant on the growth of its decentralized community, and their continued trading and enthusiasm for the asset. These factors are difficult to predict, and could result in very high volatility.

We emphasize that this Crypto Asset Statement is not an exhaustive description or summary of all risks associated with WIF. Investors should conduct their own research and perform their own assessment before trading any crypto asset to determine the appropriate level of risk for their personal circumstances.

The WIF community is not under any legal or regulatory obligation to disclose material information to the public regarding its activities. Holders of WIF have no recourse to the WIF community or Uphold if WIF declines in value for any reason.

Changes to applicable law may adversely affect the use, transfer, exchange, or value of any of your crypto assets, and such changes may be sudden and without notice.

Uphold’s Evaluation Process

Prior to listing WIF on the Uphold Platform, Uphold performed due diligence on WIF and determined that WIF is unlikely to be a security or derivative under relevant securities legislation. Uphold’s analysis including reviewing publicly available information on the following: 

• The creation, governance, usage, and design of WIF, including ensuring the source code is open-source, audited and peer reviewed, security, and roadmap for growth in the developer community. 
• The supply, demand, maturity, utility, and liquidity of WIF.
• Any marketing materials put forward by the WIF social team including on, Twitter, Medium blog, LinkedIn posts, Discord and Telegram channels.
• Material technical risks associated with WIF, including any code defects, security breaches and other threats concerning WIF and its supporting blockchain (such as the susceptibility to hacking and impact of forking), or the practices and protocols that apply to them.
• Legal and regulatory risks associated with WIF, including any pending, potential, or prior civil, regulatory, criminal, or enforcement action relating to the issuance, distribution, or use of WIF.