I’ve knit this hat for a friend and wanted to share the pattern, as we haven’t really found anything similar while designing it.

I used 16” circulars for the body of the hat and DPNs for the crown, but it’s up to you and your favorite way of knitting in the round - magic loop is also fine.
You’ll need 1 skein (50g) per color and most probably have enough yarn left for a second hat depending on the size you make.