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A dong, plain and simple.
Guy 1: Why are you icing your crotch?

Guy 2: Cuz I fell and hurt my red panda.
Red Panda by CostaRica7 February 24, 2012
Something that is not reaching the coolness level of its next readily available equivalent. Much as the Red Panda will never possibly be able to compete with the Giant Panda. For, as we all know, the Giant Panda is one of the world's most epic animals. Can also be used to describe anything lame.
"standard def TV is so Red Panda bro".

"tonight was gonna be awesome...but it went all red panda"
"not cool man, that was so red panda"
Red Panda by NjBerserker March 8, 2010
A petty, smart-mouthed drug dealer the trades blow jobs and sex for drugs and charges way too much. Not very well liked by anyone.
"Hey, I saw Red Panda in Nutbush last night."
" I hope you didn't buy anything from his smart-ass."
"Hell naw, Mane. His shit sucks, and I ain't giving that nigga a blow job."
I bet you searched this up after watching turning red
Red panda by IhopeIdrinkwater April 28, 2022
Yuliya, let's crush this stupid red panda and send him crying back to the UK.
Red Panda by imnotjimmy September 19, 2022
A red panda is an adorable little raccoon looking thing but un like a raccoon it’s red.
Red panda by Wolfygirl9853 November 18, 2022