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Derogatory. Foolishly obedient. Like a dog wagging its tail.

Based on the song titled 'Waggy' from Blink 182 on the album Dude Ranch. Despite the official reason for the title ("I made this word up while belching, and wanted to title a song with it. This was the song that got stuck with that title." - Mark Hoppus), the Lyrics of the song suggest that the guy was taken for a fool several times after being foolishly obedient/ loyal, with 'Waggy' being a suitable derogatory name.
Julie: Hey Steph, you think you are going to have enough money for our big party night?
Steph: Yeah always, I will just ask Mark to give me some, he can give us a lift there, then pick us up later.
Julie: He must be Waggy as fuck.
Waggy by I3R0K3N7FEET January 4, 2017
A nickname for the 1963-1991 Jeep Wagoneer / Grand Wagoneer.
He has such a nice jeep waggy!
Waggy by NoahB15 September 9, 2019
Noun, plural waggies!
A person who dresses in a fashinable clothes because there fashionable! But can't actually pull them off or wears them in an incorrect manner!
Omg that persons wearing leggings with socks, shes such a waggy!
Waggy by indiechick September 10, 2007
Well, if I were to define waggy I would take up 7 pages of all the flaws in his character. But, because I know how to sum him up in a couple of words, I will do.

"Lanky shit licking chav"
Waggy by I_HATE_WAGGY! January 27, 2005
I was fucking my girlfriend in my car while listening waggy
waggy by onesidebridge May 10, 2022
The swaggiest, fastest, coolest person owns a Waggy Wednesdays. Waggy has homeless siblings named Saggy and Raggy. Waggy is mother Aggy's favorite bc raggy tried to cook in a washing machine. Waggy is no.1 and doesn't get beat by mother aggy. Also Waggy is a significant sonic fan, maybe even no.1 sonic fan..
I wanna be a WAGGY so damn bad bc i suck and im not good at life and I'm nothing but a failure. I feel so miserable why can't I just be like WAGGY.
Waggy by ducky2 November 25, 2022