No demand. After buying one myself a few days ago, I struggled to get rid of it for 3 ref and was lucky with that sale.

3.33. Unsold

http://www.tf2outpost.com/trade/18334721

3 ref offer max on megalomaniac. Other was a dough puncher. unsold. http://www.tf2outpost.com/trade/17822012

3.33. Unsold

http://www.tf2outpost.com/trade/18302432

3 ref. Unsold. 10 hours up

http://www.tf2outpost.com/trade/18359526

3.33. Unsold. 1 day up

http://www.tf2outpost.com/trade/18345531

3.33. Unsold

http://www.tf2outpost.com/trade/18367819

3 ref. unsold

http://www.tf2outpost.com/trade/18367806

2.33! Wow. Unsold

http://www.tf2outpost.com/trade/18287775

3 ref. unsold. 4 days old

http://www.tf2outpost.com/trade/18271302

2.66. Unsold

http://www.tf2outpost.com/trade/18331317

3 ref unsold

http://www.tf2outpost.com/trade/18226245

3 ref unsold

http://www.tf2outpost.com/trade/18291304

3 ref unsold

http://www.tf2outpost.com/trade/18192314

3 ref unsold

http://www.tf2outpost.com/trade/18214992

On classified ads, over 5 are for 3 ref. None sold yet. One has been up for 14 hours

Overall, I think demand is too low for this current price. There were some instances in which hats going for way below price were unsold, but I just think that it's due to lack of attention. No need to lower the price drastically, but an incremental decrease is justifiable for now.