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A popular phrase coined in late 2006.

Used for asking friends or family "where the party is," "what is going on," or just a friendly way to ask someone how they are doing.

Although there are several definitions for "dew drop," the popular phrase "What da dew drop?" uses the word "dew drop" in a completely unique context and bears no similarities to the existing definitions.
"What da dew drop yo?"
by Charles Coyle December 29, 2006