Using this item will start a 3-dash combo that you can change the direction of by looking elsewhere in between each dash. The dashes conserves your vertical position, making it so you can dash in the air. If the 3 dashes are uninterrupted it can move you around 22 blocks forward. When hitting a mob with the dash combo, it does 16 hearts of damage to both mobs and players, it is unknown if you can dash forward and back to damage an entity more than once in a combo.
How to Obtain
This item can be found in the Spooky Chest