This unusual effect utilizes TF2's "Pyrovision" gimmick. During normal gameplay, Hypnosis appears teamcolored, with Red and Blu colors. However, when a player is in Pyroland, such as by wearing Pyrovision goggles or using the Lollichop, the effect reflects this change, becoming hue-shifting.

To Valve: Do NOT add this unusual effect as separate variants. Rainbow particles only really fit ingame when in Pyroland, and appears out-of-place otherwise.

Cipherlock - Particles
Ceiling Man - Promos