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1) A newborn animal, usually furless and pink
2) When a person acts like aforementioned animal, namely wussing out on things, and generally being stupid. (can be abbreviated to "mink-pink")
"Awww what a cute little Minky Pinky!"
"Man, Alex was being a total mink pink when he decided to play video games instead of celebrate my birthday!"
by Giant Minkius-Pinkius January 20, 2006
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