From the pattern:

The fourth of my Wuxing: 5 Elements series of hats is themed for the element of Water. Each of these hats is pushing the envelope on double-knitting in some way; this one is sort of the base model, using the off-the-grid droplet shape in its most natural form: a raindrop.

The fold-up brim offers an opportunity to better understand color/texture transitions in double-knitting.

If you have been working these hats in order, this hat will hopefully be a breath of fresh air as the techniques involved are not nearly as complex as those of most of its siblings.