That’s what custom figure maker KodyKoala is calling it — and he should know because he made it. According to KodyKoala:
I used a Jakks 2007 Electronic Pikachu and I covered him in Apoxy sculpt and made him look hairy. Their wasn’t a whole lot of material involved, just a lot of time to groove all of it. It probably took a good 10 hours to make the hair look perfect.
Until then, more at KodyKoala’s site below.
Kodykoala’s Custom Pikachewie Figure [Kodykoala]