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I found that this thing was underpriced when I was searching proof for that craft hats suggestion.
Sold for 1.33
http://www.tf2outpost.com/trade/20671637
Sold for 1.66
http://www.tf2outpost.com/trade/20678073
Sold for 2.00
http://www.tf2outpost.com/trade/20689892
http://www.tf2outpost.com/trade/20620813
Conclusion: But this is just a reskin of Ellis Cap! Why the hell do people want it?
Feel free to counter / support my proofs.
looks like both 1.33 and 1.66 sold very quickly
http://www.tf2outpost.com/trade/20654171 Sold it also for 2refs
sold mine for 1.33 instantly
Why is this rising?
I can understand if this can be sold for 1.66 (new craft hats price, I'm working on this, you can check it here: http://backpack.tf/vote/id/53ab7dee4dd7b8cb358b4568)
But 2 ref? I have no idea.