The act of figuratively losing your hair (wig) in response to a particularly amazing or shocking information or situation, to signify that you nearly lost your shit. The imagery is that said wig a) flies through the air; b) may interfere with air traffic if a group of wigs are snatched; c) may be seen from space if reacting to really fantastic events or information. This is deadass the highest form of reaction. Antonyms include Low-key

Stealing titles/claims to fame. Became popular after youtube video of a Brazilian Drag Queen literally having her wig snatched by a loser became viral.

To humiliate someone. Likely derives from cat fights, where women would grab at each others hair.

Snatching Wigs basically means your amazing the people around you. Leaving the shook as one would say it. There is also another phrase with wig in it.

When someone shocks you, angers you or you gets excited.