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A way to say "high five" for laughs. It is usually said by two straight males using gay voices.
Boy1: I passed the test!
Boy2: Alright! Palm buddies!
-High fives with a gay jump-
Class: (laughs)
Someone who uses the same cum rag as you
Sebastian is Sam's Palm buddy!
They share toy trucks, tricycles, and their CUM RAGS!