It can be used for both good and bad remarks. Cannot be compared to any other word, but it can be replaced with GG, fosho, deeeyyyuumm, etc.
A: "I got that girl's number from last night. Shing it."
B: "Damn are you serious?! Shing it man... Shing it"
A: "I lost $1,200 at Commerce last night."
B: "Shing it..."
A: "Shingz it."
A: "Did Ruben tell you about the show?"
B: "Yea he brought it out and I said Shing it."
A: "Hahaha, shing it man."