While dashing at Mach 3 or higher, Peppino is able to perform a super jump by holding UP (or the super jump button is enabled). Peppino will stay charging up a super jump for as long as you hold this button. While you hold this button Peppino is able to slowly nudge to either side, allowing you to adjust your position.
Releasing the button will cause Peppino to shoot up into the air indefinitely, killing enemies and destroying blocks on his path. Peppino launches up with a vertical speed of 12, and accelerates further as he ascends.
Peppino will only stop upon reaching a solid ceiling. You can also end the super jump earlier if you link the move back into a mach dash in either direction by pressing DASH or GRAB and the corresponding direction. This will put you in a dashing state at 13 speed, regardless of your vertical speed beforehand.