This plush is really small! Instead of the usual string at the top for hanging, it has a beaded 'keychain' style metal loop chain. However, this is probably more 'plush' than it is 'keychain' so...here it goes.
Does this tiny Espio remind you of any other item? It should! Both "mini Sonic" and "super tiny Tails" plushes appear here as well. They both feature little flat felt hands just like this one does. That likely means that...

There's a whole SET of these micro dolls out there somewhere. Certainly, if they did an Espio, there's going to be a Knuckles, likely a Mighty & Charmy Bee too. Despite being made out of little pieces of flat fabric, this looks pretty much like the old Chaotix sprite, with yellow socks, black area around the eye, thin tail without spikes & brow ridge. This was made in 1996, as you can see there on the tag closeup.