Ricky Dillon explained wig very well in response to a tweet. In his reply on March 10th 2018, he said "Its basically like you're shook. Like something exciting or crazy just happened that made you so shocked that your wig flew off so in short: wig! but if you wanna spice things up you can add an action after that's a synonym for flew or gone. For example: Wig incinerated."
1: I got free tickets to Katy Perry's show!
2: No way omg WIG!

1. Guess who just followed me?
2: Who?!
1: The amazing Ricky Dillon!
2: NO. WAY. OMG. WIG FLEW
by Stan Twitter Fan March 13, 2018
A term not created, but revised by the pop culture stans in which, when something is so suddenly unbelievable, amazing or "sickening," your wig is gone. In acknowledgement to your wig being snatched, you would use this term. The context you would use this term in can vary, but it is mostly used in appraisal of something or someone, especially of legends in the pop culture industry.
* Lady Gaga posts a picture on Instagram of her ass with the caption "Princess Peach" *

95% of the comments: Wig !
by LG6 IS COMING May 4, 2018
Wig is a term used to describe when someone does something (In their opinion) that is so good that they go bald.
Omg girl yasss snatch my wig to my fucking grave bitch.

Quiniqua just posted a new pic on insta and my wig is GONE sis.
by KA$H- MONEYQUA December 4, 2017
Wig is a word used to describe your wig being snatched because you are so shook over something
You’re cute
“Omg wig
by Daniel_is_not_on_fire August 30, 2018
me: breathes
wig: flies
by inloveeeeee February 14, 2019
Austin: Ally what’s with the fake as fuck hair on yo bobble head?
Ally: *does the stupid smile eye roll thing* it’s a WIG Austin *lols* *kisses for 10 mins
by Memey_snk March 15, 2021
Wig is short for the phrase (mostly used in 2018) "my wig just got snatched". This just means something is so shocking or original that their wig flew off. Of course not everyone has a wig, but it's all a metaphor for something that has shocked them.
Bitch, Fergie's National Anthem Performance: WIG.
Did you see James Charles' Coachella outfits? Wig!
by smh, brooke June 11, 2018