Water Festival
Water Festival is an event that took place from March 22 to March 29, 2017. During that time players are more likely to encounter water type pokemon such as Magikarp, Squirtle, Totodile, Lapras and more. Players also get Magikarp Hat for their avatar.
Shiny Pokemon was released this patch. Players can catch Shiny Magikarp that evolves into Red Gyarados.
Over 589 million Magikarp were caught during the event.
Official Announcement
Make a Splash, Trainers!
Trainers,
Get ready to make some waves in Pokémon GO! There’s a global Water Festival in progress, and Magikarp, Squirtle, Totodile, and friends are looking forward to celebrating with you! Starting today at 1 P.M. PDT, you’ll be more likely to encounter Magikarp, Squirtle, Totodile, and their Evolutions all around the world. Additionally, when you’re out exploring areas where Water-type Pokémon more commonly appear, you’ll have a greater chance to encounter several of the Water-type Pokémon originally discovered in the Johto region, and maybe... you might even encounter Lapras.
Also, starting later today, you’ll notice a new avatar wardrobe item—the Magikarp Hat!
The Pokémon GO Water Festival is a limited-time celebration and will come to an end on March 29, 2017, at 1 P.M. PDT, so get outside and GO catch some Water-type Pokémon!
—The Pokémon GO team