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The Yarg Cap was obtainable in Season 27: "A Pirate's Treasure" by reaching level 4.
Top 2 holders control
Largest holder · 3.4% of circulation
Yarg Cap, while being quite a recent item still, is not as common as it used to be beforehand. Currently it has a MU count of ~1.5K, which is similar to other items at common such as King Reaper or Piggy.