A term use to inform someone that you are about to stab and rob them.
Person One: Listen here pal. Make one move and I'll shiggley shank you.
Person Two: *Shaking* Ok man I-I'll do what you w-want just don't shiggley shank me.
Dip Shank is an insult used mostly by elementary school students it basically means "Little pile of shit".
Shh you dip shank