"Beldam Speech Bubble" refers to the character Beldam from the Nintendo GameCube Video game "Paper Mario: The Thousand Year Door" which has recently gotten a remake released for the Nintendo Switch on May 23rd 2024. Beldam has two sisters, one of which is named Vivian and is bullied a lot throughout the game by Beldam and doesn't accept that she is a transgender woman. Because of this, Paper Mario fans will often reply to any transphobic comment and/or statement with "Beldam Speech Bubble" with the speech bubble part simply coming from an online meme of the character with a speech bubble that is meant to show her saying the transphobic statement.
"Transgender people aren't real!" Reply: "Beldam Speech Bubble"