This character is a Other Symbol and is commonly used, that is, in no specific script.
The glyph is not a composition. It has no designated width in East Asian texts. In bidirectional text it acts as Other Neutral. When changing direction it is not mirrored. U+1F77E offers a line break opportunity at its position, except in some numeric contexts.
The Wikipedia has the following information about this codepoint:
Quaoar (minor-planet designation: 50000 Quaoar) is a large, ringed dwarf planet in the Kuiper belt, a region of icy planetesimals beyond Neptune. It has an elongated ellipsoidal shape with an average diameter of 1,090Β km (680Β mi), about half the size of the dwarf planet Pluto. The object was discovered by American astronomers Chad Trujillo and Michael Brown at the Palomar Observatory on 4 June 2002. Quaoar's surface contains crystalline water ice and ammonia hydrate, which suggests that it might have experienced cryovolcanism. A small amount of methane is present on its surface, which can only be retained by the largest Kuiper belt objects.
Quaoar has one known moon, Weywot, which was discovered by Brown in February 2007. Both objects were named after mythological figures from the Native American Tongva people in Southern California. Quaoar is the Tongva creator deity and Weywot is his son. In 2023, astronomers announced the discovery of two thin rings orbiting Quaoar outside its Roche limit, which defies theoretical expectations that rings outside the Roche limit should not be stable.