Why did this even rise in the first place?

Sellers

http://www.tf2outpost.com/trade/24574570 - Toothkickers (2 ref)

http://www.tf2outpost.com/trade/24523416 - 2 refined

http://www.tf2outpost.com/trade/24592517 - 2 refined (mass seller)

http://www.tf2outpost.com/trade/24480425 - Sold for 2.22

http://www.tf2outpost.com/trade/24512018 - 2.33

http://www.tf2outpost.com/trade/24556542 - 2.33

http://www.tf2outpost.com/trade/24567254 - 2.44

http://www.tf2outpost.com/trade/24534816 - 2.55 x3

http://www.tf2outpost.com/trade/24594096 - 2.55

http://www.tf2outpost.com/trade/24580292 - 2.55

http://www.tf2outpost.com/trade/24589364 - 2.55

http://www.tf2outpost.com/trade/24589097 - 2.55

http://www.tf2outpost.com/trade/24565890 - 2.66

http://www.tf2outpost.com/trade/24451946 - 2.66 (1 week)

Unsolds at high-end

http://www.tf2outpost.com/trade/24523416 - 3 days changed to 2 refined

http://www.tf2outpost.com/trade/24519884 - 4 days

Classifieds

http://backpack.tf/classifieds/?item=Towering%20Titanium%20Pillar%20of%20Hats&quality=6&tradable=1&craftable=1

2 1/2 pages of 2 ref sellers

x2 2.66

Only 2 people selling for 3 refined, others want lower and the market is small.