> For the complete documentation index, see [llms.txt](https://docs.valeo.one/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.valeo.one/the-native-usdvaleo-token/disclaimer-and-volatility.md).

# Disclaimer & Volatility

#### 5.1 Volatility & Liquidity Risk

As a newly launched Solana token, particularly one launched via pump.fun, $VALEO can experience significant volatility.

Liquidity depth may be limited in early phases. This means:

* large buys/sells can move price materially
* spreads can be wide
* price discovery may be unstable

#### 5.2 Concentration Risk

Early-stage token launches often have concentration risks due to:

* early buyers accumulating supply
* bot activity
* sniping strategies
* uneven distribution

Investors should assume the early distribution may not be ideal until the market stabilizes and the token matures.

#### 5.3 Smart Contract & Infrastructure Risk

Even though SPL tokens are standardized, risks still exist:

* incorrect mint configuration (mint authority, freeze authority)
* compromised wallets holding allocations
* ecosystem-wide Solana congestion risks
* third-party dependency risks (DEX infrastructure, RPC providers)