The Wobbling Zipper toy is a craftable miscellaneous in New Horizons. Its recipe is given by Zipper T. Bunny during Bunny Day if the player has crafted all of the items included in the Bunny Day series. Four of each egg is required to craft it.
After crafting it at least once, speaking to Zipper again will cause him to award the player with the recipe for the Bunny Day Wand, which uses it as a crafting component. It is a lucky item.