Since then, people have been buying out santa hats, making them rise in rarity. This rarity has made the price shoot up, which is generally normal. Although they first rose when the Santa suit from the Christmas event a couple of years back came out, Since then Santa hats have rose steadily. I don't think i would hope to invest in a lower price of the current price, as it is unlikely that it would drop to your expectation. But, don't lose hopes though, as before christmas it usually drops, then shoots up in November and December. :)