The hat is red and white and depicts its name in bold dark red letters on the front.
Role in series
"One Krabs Trash"
After Mr. Krabs finds out that the soda drinking hat is worth a lot of money, he buys a bunch of hats to trade SpongeBob for the soda drinking hat, one of which is the Foxy Grandpa. SpongeBob declines the hat since it is "a little boring." Mr. Krabs thought the hat would get him for sure.
"Goons on the Moon"
It is seen flying in space among asteroids and other pieces of junk.