Oliver Octopus lives in a cave at the bottom of the Pacific Ocean. He often loves to explore the underwater area around his home and one day comes upon a sunken ship. He can't help but investigate!

There are many shiny things in the sunken ship, but one item in particular catches Oliver's attention. He puts the fancy object on his head and goes back out into open water. Sadly, his friends don't think his new hat is wonderful; instead, they think it's too much.

It seems like everyone thinks Oliver's shiny hat is just too fancy. He is about to give up wearing it altogether when something amazing happens. It turns out Oliver Octopus isn't the only sea creature who likes fancy things after all!