Seriously that it's too funny! My first thought was it is an up side down rainbow with a pot of gold at the bottom....but clearly it is a caterpillar with a hat on.
In my defense Rainbows run Horizontal with colors not Vertical. And her fingers look like legs.
And the pot legs do look like antennas (in Austin's defense).
I like it better as a caterpillar. I'm drawing a face on it so there is no confusion later. :)