S.D.M.G.

The S.D.M.G (Or Space Dolphin Machine Gun) is a straight upgrade to the Megashark, with a slightly faster firing rate and same ammo usage bonus, except with a noticeably higher damage output. It also gives a +5% critical hit chance. It is currently unobtainable from the game, and the only way to get it is via an inventory editor or hacker.

Trivia

 * This item is a reference from the game "Edge Of Space" (hence the subtext 'It came from the edge of space'), in which Terraria is also referenced.
 * S.D.M.G. is an acronym for Space Dolphin Machine Gun.
 * This may be a reference to "Hitchhikers Guide to the Galaxy", as it is a dolphin from space.
 * This may also be a reference to the game "Dolphin Olympics", where you play as a dolphin trying to jump into space.