The axe has short range, but does high damage. Be careful when using this projectile, as players can deflect the axe back at you with their sword, dealing huge damage to yourself. The axe is most effective when upgraded to "Tier III" (when 40 coins have been obtained) same with other projectiles.
The axe is recommended for dealing damage to Soulless Pyro from a distance, as it can be thrown down from a height, deals solid damage, and because bombers are immune to bombs attacks.