This is a photo of a really large pin!
Whereas most pins are about 1 or so inches high (like the above pin being about average) this one is a real whopper. It's more like 3 inches, possibly more. This was first seen on Just Funky's presentation table of merchandise at a trade show. Without context, it was hard to tell what it was because it was clearly larger than any Sonic pin to have ever been seen before.
But it turns out...yes it really is that big BUT it apparently got re-branded or the company "FigPin", got a hold of it somehow. FigPins are all really large metal and enamel pins in hard plastic cases to collect. They span loads of brands including Sonic, Big Hero 6, Marvel, Star Wars, DBZ & Fortnight. (And likely more) The Sonic pin here looks good, using a new modern art for him where he is sarcastically shrugging.

The big size and new pose make it interesting. The metal and enamel means it's sturdy/won't go bad like some plastics. This size of pin is always about 14.99 when you find it. (Costly because it is big) Target is confirmed to have this, it is in an endcap of nothing but Figpins, and that is generally located around the electronics section somewhere.

You can see the the factory/company photos for the Sonic Figpin in the gallary. They did 2 versions of him, but the glitter one wasn't talked about first, so it's a bit of a surprise. The glitter one is certain to be a Target exclusive, and the regular one may or may not be. But, Target online and in-store is your place to go for them as they're at least assured to have it (So long as it doesn't run out) 

Now, the Sonic Figpin is in the Sonicgear collection.
This is what it ends up looking like if you buy it: as you can see it's quite large for a metal/enamel pin. There's a removable back card in there with it that tells you the pin # (irrelevent unless getting all figpins somehow). The standing box is made of hard crystal clear plastic, and the black base is also a good quality material. You CAN use it as an actual pin, that vertical plastic thing snaps over 3 pin-points and attaches it to the box base for display as well. The exterior/hang box is usual box plastic & everything can be opened & then re-packaged to look the same/no destroyed package to open it.

Opinion Zone:
A good item! Metal/Enamel doesn't go bad ever so you can collect it without fear of like...plastic degrading. The packaging is quality, shows the item well, and is perfectly sized for collecting lots of them. Either glitter or regular looks cool, so freely pick this up if you see it to collect.