Someone explain this smiley to me

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Seriously, what is it?

I've scrolled past this smiley countless amounts of times, occasionally seen it posted, and i still have no idea what it's supposed to be.

It's mooning you?

I thought it was a spanking motion then pointed to it's backside.

It's a sign of disrespect.

Its fucked up.

I first thought it was spanking its bottom, but now it looks like it's dancing.

Have you ever seen that movie with John Travolta?

I got nothin'.

It's a complete fucking mistery, i've even resorted to making a thread about this to figure it out once and for all.

I haven't seen 'that' movie with John Travolta. Is that really what the smiley is supposed to be doing?

He's quite obviously mooning somebody and flicking them off.

Is this a real thread?