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Hip means either cool or "same" like they can relate. It depends on the way you use it but hip can mean either same, I feel you, or cool.
Me~ Im so tired right now oml.I literally don't wanna talk to anyone.
Vanessa~ Hip .
Hip by ItsYaGirlSkinnyPenis February 23, 2018
A person who knows or wants to know something.
I am hip to this new song

Are you hip to that new song?
Hip by BasicMadera03 October 9, 2018
Cooler than cool, the pinnacle of what is "it". Beyond all trends and conventional coolness. Not to be mistaken for "deck".
"Stay away from the tacky velvet-rope MTV frat-boy clubs on the beach. Check out this party downtown instead, it's gonna be hip."
hip by None November 15, 2003
An outdated word that, when used to describe oneself, means the opposite of what its user assumes its meaning to be. Mostly used by older people in an attempt to be accepted by younger generations. Often used in conjunction with urban slang used in the wrong context
"Hey guys, YEET! What? That's not how it's used? Don't worry, I'm hip guys. I'm down with the millennials' lingo."
Hip by Spamalot1239 February 28, 2019
Informed, up to date, fashionable, contemporary, relevant. Being modern in dress, attitude and interests. From "hepi," meaning "well-informed" from the West African language of Wolof.

The word was probably introduced to America by slaves imported from West Africa, and was still in use in 1930's era black speech. Hip/hep probably entered the mainstream American lexicon by way of the Beatnik subculture, who believed in racial integration, listened to black music and used words borrowed from black speech.
1930s: Are you hip to the jive?
1950s: He's one hep cat.
1990s-2000s: They are terminally hip.
hip by the birds and trees October 7, 2007
When you know the gossip or drama that's popular at the moment.
Person 1: " You heard about what happened with James and Tyler?"

Person 2: " Nah get me hip"
hip by girlitzraina September 14, 2017