The gesture of holding the nose and waving the hand primarily carries two distinct meanings depending on the context:
Sports Celebrations (NFL/CFB): In football, this is a taunt meaning "you stink" or "that play/defense stinks." Players pinch their nose and waft the air away to signal that the opponent is bad or the situation is unpleasant. This celebration has been popularized by players like Cam Ward (Miami Hurricanes) and is sometimes referred to as the "Zombieland" or "Scuba" celebration.
Social Media Trends (TikTok): On platforms like TikTok, it is a viral dance trend where users hold their nose and wave their hand, often interpreted as a playful "bad breath" or "go away" meme. The trend is frequently performed for humor or as part of choreographed dances like the "Chullen" or "Gimme My Gotz" challenges.
In general internet slang, the gesture universally signifies disgust or telling someone to go away because they smell.