Meteor Shot is a type of consumable ammunition used for guns. It can be noted that they will bounce off a single surface when fired from any gun, and will penetrate 1 enemy. The shot looks similar to the glowstick but red.
Meteor shot is very useful for finding Floating Islands, as you can shoot upwards and see if the shot comes back down at you, having bounced off of a Floating Island.
Crafting a full stack of Meteor Shots (999) requires 16 Meteorite Bars.