Whenever this damages an enemy monster, that monster will get Silenced. This can be good to get rid of Taunt so your other monsters aren't forced to hit that monster.
Although it's cheaper than Nacarat Jester and will most likely affect more than 1 card, it's not good for quickly silencing a card like an opponent's taunt in order to land a winning or surprise blow. Because of this, it should not be considered as a replacement for the Jester. Like Trader Temmie, the Memorial Statue can also act like a decoy without the need of a Taunt, as the enemy wants to get rid of it quickly. Both also may need 2 monsters to kill it.
Not recommended in Patience or Perseverance decks as it removes the Paralyze and KR (poison) effect respectively. It is fairly useful in a Bravery Deck, as it makes enemies lose their Taunt, ableling you to target whoever you want. Ironically, silencing this will remove its ability, which is an effective strategy.
Please note that when something is silenced, their max HP is turned back to normal, but they will not get back any lost HP. For example: a 7/1 Ice (with the help of Madjick) getting silenced will become a damaged 1/1 monster, with its Max HP returning to 7.