The cone spawns every 5 minutes, with a 1 out of 3 percent chance.
It can be used on Hyper Pot Platinum to get Cone Platinum with a 9/10 chance, or Chill Pot Platinum with a 1/10 percent chance.
It is said that this cone was gifted by the Cone God, but that's just a legend. There is no way this Cone could be so powerful...