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The Oceanwater was obtainable in Season 27: "A Pirate's Treasure" by reaching level 7.
Oceanwater has been performing a bit better than normal, catching more attention from average traders compared to something like spark, hence a demand rise. Although it doesn't get too many overpays right now, they have been proven to have more interest in them than almost every other low demanded cosmetic.
Top 2 holders control
Largest holder · 78% of circulation