Old school expression of fear or astonishment. 1941 is the earliest recorded use according to Merriam-Webster.com
Expression used to show an array of emotions, such as concern or disapproval, disgust, ridicule or embarrassment among others. Recent trend makes the word rather prevalent.
D: I think my cringe is showing
K: Yikes
Kevin: hey Sup, cant go 2 teh party tonight, grounded bcuz dad found weed from last night
Chad: Big yikes