Megashark

The Megashark is a ranged weapon that was added in the 1.1 patch. It is crafted out of the Minishark, Illegal Gun Parts, 20 Souls of Might and 5 Shark Fins. It deals 23 base damage per hit, and has a 50% chance to not consume ammo (essentially making ammo last twice as long). Due to its stats, it is easily one of the best guns/ranged weapons in Terraria, especially with the best prefix (Unreal) and ammo tailored to specific combat situations, like Crystal Bullets and Cursed Bullets. The Megashark is well known as an extremely powerful weapon, due to its incredibly high DPS.

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