Cracked Crown is a rare pet-summoning item dropped from any mob with a 1:33333 chance. (0.00300003%)
Snatcher near the player
On equip, the Snatcher will appear. While player is not moving, his face will float near you, providing no light.
Buff
Player receives a buff, Snatcher, the Cursed Prince, reading:
Uh... You don't seem to have a soul. What a shame. OK then, let's make a deal...
In your journey, you are defeating an endless amounts of enemies...
But you are not collecting their souls for yourself, right?
Why not give them to me then? For certain amounts, I will give you some kind of rewards.
Does that sound good enough? I hope so...
XXX souls collected.
Power-ups
Killing enemies under the effects of this buff 
will yield the player some power-ups and raise the XXX number of souls while having Cracked Crown equipped as a pet. Note, that some mobs and all statue-summoned ones will not give you souls, to prevent easy-cheesing of this process.
Here is a list of benefits from soul-collecting:
- Number of Souls – Benefit
- 500 – Increases your movement speed by 25%
- 1000 – Increases your defense by 10
- 1500 – Increases your damage reduction by 10%
- 2500 – Increases max amount of minions/sentries by 1
- 3500 – Boosts all damage types by 8%
- 5000 – Boosts all critical strike chances by 5%
- 6666 – Increases your armor penetration by 20
- 9999 – Boosts your max life by 10%
- 12500 – Reflect 1000% of damage back to its owner
- 15000 – Supports you by attacking nearby enemies with shadow bursts, damage is calculated depending by current weapon held in hands
Trivia
It is a direct reference to the Snatcher, a character from A Hat In Time game.