It's more of an utility, i guess, because "insanely fast" speed doesn't actually makes digging faster. In fact, the digging speed is slower that the shroomite claw's.
250% pickaxe power
It was once forged by ancient warlord Fury to shape his universe.
According to Skeledude hieroglyph it's forged in Cosmic Darkage.
'LC allows you to use it as pickaxe while RC activates special ability.'
'RC + Up button enlight your soul with ancient flames for 4 seconds.'
'RC + down button allows you to stop time for 5 seconds.'
'RC + left button allows you to forge with fury for 8 seconds.'
'RC + right button allows you to do otherworldly attack.'
'Special attacks have cooldown.'
Station - Ancient Manipulator
Solar Flare Pickaxe
50x Solar Fragment