a.k.a. snatched wig, snatching weaves
Usually heard or written after “snatched,” it expresses excitement or happiness by exposing someone in order to reveal the truth. For example,"When the time is right, I’ll wig snatch that douchebag boyfriend of hers to everyone in the group." Another version of "snatching weaves" it usually comes with a GPOY or a GIF of a bald person for added humor.

Historical perspective: According to Urban Dictionary it basically means like you're shook. Like something exciting or crazy just happened that made you so shocked that your wig flew off so in short: wig! But if you wanna spice things up you can add an action after that's a synonym for flew or gone. For example, "Wig incinerated" or  "1: I got free tickets to Katy Perry's show! 2: No way OMG wig!"
See also : hunty  bye Felicia  OG  umfriend  bird boxed  
NetLingo Classification: Online Jargon