Lightning Bolts and Silver Tipped Stakes can provide more damage if the character is not 10 stars, due to their faster level scaling only requiring level 8 to reach max damage instead of level 10.
Therefore if a player is going specifically for damage and does not have a max level character, it's better to equip one of the other options.
Hunter Marceline is the best character for this weapon as her best weapons are raw damage, and this weapon is a direct upgrade of Dragon Fangs. She doesn't need range and thus benefits greatly from both stats.
Sai and Commander Cassie also appreciate the damage buff given by this trinket, but prefer the Lightning Bolts' range buff over the pierce buff.