pronounced "ooncheekoon." say it quickly.
unchi = poop. kun = honorific for young friend, or little brother--like san but used for someone younger, probably male. so, like, "Poop Friend" or maybe "Poop Buddy." He is a stylized poop.
This is the paper label that was attached by that small chain (also pictured) to another larger (2 1/2 inches in diameter) green plastic Unchikun character which was full of candy.
The candy was good.
Googly eyes rule.