A very annoying replacement for "hold your horses", "calm yourself", "chill out, dude".
A phrase that is used to
one's friend when they are
a) having a panic attack
b) freaking out about
something pointless
c) worried / anxious / nervous
d) in a hurry and are constantly annoying you to move faster
"Dude, I think my girlfriend is breaking up with me!"
"Calm your ponies, she's probably just PMSing"
"
Wow, can you please like, hurry up? I
don't have all
day."
"Hey calm your ponies, I'm working on it."