More "Emoji" style fun from Joypolis.
This time, it's that thick/flat rubber material as a keychain. It has chibi/emoji sitting Sonic who is smiling. He has a rubber loop at the top of the head, to which the spring-clip is attached. There's another loop either under or behind him, which has an actual /usual ring for keys or attaching other items. This is meant to be Modern Sonic, notice that there is a bit of green detail in the eyes. (Although when 'chibi-fied' like this there's not much difference between them) This is a Joypolis only item, it may have been a prize from a game in 2020 or late 2019.
Is the rubber loop at the top a good idea? It would depend on how sturdy the plastic is for the keychain.