Smoke Choked

An edit of a Tanicfan22 character by halis
He's a parody of Sonic, hence the name that similar to Coldsteel the Hedgeheg.  However, the weird thing about him are his hitboxes.  Some are the size of his sprite, some are, well
- HelloMyNameIsAA
 

- Dark Ruler
A new F/GO character, created by Dark Ruler/Light Ruler
Screenshot from Dark Ruler, cropped by me
 

My personal favorite M.U.G.E.N. character, created by sakuraka.
An insane edit of Kira Daidouji, sans that jelly slime she uses normally.  She instead tosses objects like sticks and milk bottles, restores her health and gains power through drinking milk, and then there's the best part.  She can summon a bunch of different characters, such as Mr. Bear from Battle K-Road, Chiyo-Chichi from AzuFight, and Domo.  With all of these assists, some you can control like Mr. Bear and Chiyo-Chichi, and others that the A.I. controls, she is easily the best character I've ever seen in M.U.G.E.N.
Screenshots taken from the Mugen Fighters Guild and MUGEN Infinity Zone posts.
 
 

A very flashy and rather cheap representation of Mary from Ib.  She's also A.I. only.  We just need Ib and Garry to make a complete Ib collection in M.U.G.E.N.
By Saiki-Yaruo

Before there was Halis, there was Meep140.  When he wasn't making unique and dumb edits like Original the Character and NeoZekromMK2, he was editing characters to be as cheap as possible.  On April 1st, 2020, however, Meep finally achieved his ultimate form.
By Overlord/Darkness

By HOTTOMOTTO
2nd file: AI Patch by Nanashi
Quote from White Ranger on Mugen Free For All
 

A Halloween character released by Pororo, edited from Gurospoo by souken
Demonstration: 
 
File 1: Regular version, WinMugen only
File 2: 1.0 patch (thanks, Fuzzy Nuts!)
Screenshots courtesy of Pororo, cropped by me

Never uploaded a stage before, so what the hell?
By Valgallah

By Dxwho
Quote from the original Mugen Fighters Guild post by Dxwho:
Screenshots courtesy of Dxwho, one cropped and one unedited

TwistedSynapse's "worse" edit of Medoi-san from Nijikaku

TwistedSynapse's edit of 95-tan from Nijikaku

An insane variant of Drunk Homer, created by Anomi Polis
 

Based on CHOUJIN's Perfect Cell, transformed into a masterwork by Turbo
Based on this video: 
 
Showcase video, compared to the original Perfect Cell:
 

A unique joke character by Noctis
He can put up a fight normally, with standard attacks and a rather cheap tornado attack.  However, what makes his so special to me is when he gets hit by launching attacks.  By being launched, Buttlet begins to bounce around.  If he bounces into the opponent, without getting knocked out of the bounce, this deals massive damage.
Also, when he fights, 2204355 plays as background music.  It overlays the pre-existing stage music.
 

Matilda the Armadillo was a character in the Pre-Super Genesis Wave era of the Sonic Archie comics, and she would be adapted into a character by TheTrueAnalysis in 2019.  Uploaded due to his videos being gone and the MEGA links possibly gone, as well.
To quote the Mobius Encyclopedia: "Matilda the Armadillo is a young Mobian eastern armadillo and part of the Dark Egg Legion chapter stationed in the Great Desert. A native of the Kingdom of Mercia, she is the younger sister of Chaotix member Mighty the Armadillo, from whom she was separated as an infant. She underwent Roboticization but was later returned to normal, after which she joined the Legion under Baron Beauregard Rabbot. Matilda served her chapter in fighting the Sand-Blasters over control of the Oil Ocean Refinery, until she was reunited with her brother and accepted him as her family in an act of heroism that nearly got her killed."

An old Halloween 2018 project from TheTrueAnalysis
Cuz this is Thriller!

By TheTrueAnalysis, uploaded due to his YouTube videos being deleted, as well as his MEGA downloads (possibly)
Using Killer Queen, close combat, explosive spellbooks and doorknobs, and Bite Za Dusto after being K.O.ed, this is a very faithful adaptation of Tharja as Yoshikage Kira (sans the song "Killer")
"Tharja cosplaying as Kira?
Must be the work of an
「ENEMY STAND」" - TheTrueAnalysis
"My name is Yoshikage Tharja. I'm 1000 years old. My residence is in the northeast section of Plegia, where all the Plegians are, and I am not married. I work as a dark mage for the army of Chrom and Robin, and I get home every day at 8 PM at the latest. I don't smoke, but I occasionally drink.
I'm in bed by 11 PM and make sure I get eight hours of sleep, no matter what. After having a glass of warm milk and doing about twenty minutes of stretches before going to bed, I usually have no problems sleeping until morning. Just like a baby, I wake up without any fatigue or stress in the morning. I was told there were no issues at my last check-up.
I'm trying to explain that I'm a person who wishes to live a very quiet life. I take care not to trouble myself with any enemies, like winning and losing, that would cause me to lose sleep at night. That is how I deal with society, and I know that is what brings me happiness. Although, if I were to fight I wouldn't lose to anyone." - Me

I don't even know what this one is, aside from having an army at her side that is constantly attacking the opponent automatically
By TheTrueAnalysis, uploaded due to him deleting his videos and possibly the MEGA downloads, as well.

I just like how chill this Inuyasha Tharja is. Comes with a Yokai mode on her 11th pallete.
By TheTrueAnalysis, uploaded due to him deleting his videos and possibly the MEGA downloads, as well.

"It's best waifu ❤ with the abilities of Zero + Omega.
I've always wanted to expand upon this version of her, but regrettably that won't be happening now." - TheTrueAnalysis
Uploading all of TheTrueAnalysis's recent characters from early 2020 (with the exception of Perfect Tharja and Avatar Tharja), since his channel is gone (possibly along with the MEGA downloads), and I can only find them where I uploaded them on the Archive.

Despite being cheap, I think this character is more a novelty for Fire Emblem fans. This is currently only version of Noire, Tharja's daughter.
Uploading all of TheTrueAnalysis's recent characters from early 2020 (with the exception of Perfect Tharja and Avatar Tharja), since his channel is gone (possibly along with the MEGA downloads), and I can only find them where I uploaded them on the Archive.

While still OP as all hell like TTA's other creations, this official release of Tharja is perhaps a good showing of how TTA interprets their waifu.
Tends to dodge attacks a lot, has unique attack modes, and can even fly thanks to a pegasus!
Uploading all of TheTrueAnalysis's recent characters from early 2020, since his channel is gone (possibly along with the MEGA downloads), and I can only find them where I uploaded them on the Archive.

Quote from borderlife on the original Mugen Archive file:
"Is just an old/Grownup dream version of Gary. He can summon jellyfish, attack with tentacles/claws/bite, throw fireballs/rocks and hide underground to do free damage.
Includes 2 .def files:
GaryTheKingSnail.def Normal
GaryTheKingSnailBOSS.def Harder to beat version.
Queen snail sprite edit by Yomerocaguamero."
 
 

Another stage based on Friday Night Funkin'.
1.1 only
By Gokurus
 

Another Friday Night Funkin' stage by Gokurus
1.1 only