Simply put: it is bye backwards
Often said between 2 extremely good friends as a happy expression to say bye bye, without sounding too lame, but putting across the same emotion.
The earliest known use of this word was in late 2005
Person 1: I've gotta go finish that damn Biology coursework for tomorrow - I'm never gonna finish
Person 2: lol, enjoy
Person 1: ohh, I will - eyb eyb
Person 2: eyb eyb
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