It means to drop the mic usually performed when someone in a chat room has been left with a third degree burn after being dissed a way of saying I'm done with your shit

The phenomenon of having to come out as bisexual to the same person/people repeatedly because they assumed or hoped that your sexuality was a "phase." Refers less to the holiday and more to the 1993 Bill Murray comedy film in which the main character experiences the same day over and over.