"Wear it like royalty."
The Spider Queen's Crown is a headgear item dropped exclusively by the Spider Queen. This item currently has the lowest drop rate in the game after dyes and the Old Fishing Rod, at a 0.1% chance, explaining both its value and rarity.
It is mainly meant to be a vanity item, as it does not give any boost to defence, nor does it have a level requirement.
It previously had a drop rate of 0.2%, but it was changed to 2% which resulted in its drop in value. Now it has been changed 0.1 chance, so its value has gone way up again. It gives 4+ in every stat but gives no defense.