Rally

The Rally is a yoyo that is dropped by Giant Shelly, Crawdad and Salamander. It does 9 to 12 damage. It will last for 7(Possibly 8) seconds before being retracted to the player. The Rally is the next step up from the wooden yoyo, and can only be looted off the above mobs in the cavern layer or lower. The Rally has a slightly Higher range then that of the wooden yoyo and extends the Counter Weight's Range equivalently.

Trivia
The item may be a reference to the movie Turbo, Considering it drops from the Giant Shelly, a snail.

Rally is a real life yoyo made by one drop yoyos, and the ingame tooltip is the company's logo.