Shiny Red Balloon

The Shiny Red Balloon is an accessory that increases the player's jump height by 50%; from 7 blocks (14 feet) to 10.5 blocks (21 feet). This effect does not stack. This item has an effect on Rocket Boots aswell. It allows the player to fly higher with the same amount of mana. (e.g. with 200 mana points and Meteor Armor the player flies 300 ft high. With 200 mana points, Meteor Armour and Shiny Red Balloon the player flies 400ft high.)

The Shiny Red Balloon is found in chests in copper and gold buildings on Floating Islands.

This item utilizes its maximum potential when used in conjunction with Cloud in a Bottle, and vice-versa, since the second jump is affected by the item as well, increasing the double jump height of Cloud in a Bottle from 3.5 blocks (7 feet) to 7 blocks (14 feet), for a total of 17.5 blocks (35 feet) of jump height.

It is also worth noting that the Shiny Red Balloon does not affect jump height in water.