Shrimpy Truffle

The Shrimpy Truffle is a Mount-summon item that spawns a miniature rideable Duke Fishron-style character. The mount (called "Cute Fishron" in Terraria's game files, but nameless in-game) can fly and hover indefinitely. It is obtained from Duke Fishron's Treasure Bag in Expert Mode.

It is similar to the Cosmic Car Key's UFO Mount, but its flight speed is slightly slower. However, while the UFO Mount cannot be used in water, contact with water causes Cute Fishron to gain a dramatic movement speed bonus, as well as providing the player with a 13% damage bonus. These boosts continue for 6 seconds after it leaves water (its eyes glow to signify the boost, then fade when the boost expires). The mount will also get a boost when its rider is low on health.

During contact with land (any blocks), this mount's movement speed is drastically lowered to a very slow crawl. It therefore does not do well in confined spaces.

Tips

 * Using a Water Bucket to pour water over yourself while on this mount in midair will trigger its boost, the same as if the mount had flown through a body of water. The water must be used on the player's own body; pouring it over the head or tail of the mount will not work.
 * Seems that the water gun debuff "Wet" can trigger the boost in speed, but as it cant be used on itself, it would need another player to use it.