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 Tera
Wig
An evolutionized word, starting from “weave snatched”, to “wig snatched”, to “wig flew”, and now just to “wig”, because we are lazy. It’s basically a term short for “wig flew”, “wig left”, “wig disintegrated”, “wig in orbit”, etc.
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.