It is a new item that lets you teleport to different islands, it has couple mins of cooldown after using this. (not sure how much but definitely not 25 mins any more.) it can be obtained in Stack Shop and Akira's shop For 3.5 Million.
If you found this from stack shop consider yourself very lucky.
You can buy the item from stack shop for 35 stacks.
But you can just get it from the shop by price of 3.5 million.
Since this takes up an item bank slot and if you hold it out while you disconnect, its gone forever. However makes catching some items (like cursed orb) way easier (only if no one camps the item spawn island)
It is Tradable; you can get a few good offers but usually has little to no demand.