Similarly to “oof” or “womp womp” this word can be used in many different ways. You can use it at any time to just say when you feel. It’s a good word to make everyone laugh in a weird situation such as awkward silence.
Person 1 (female): guys I got a girlfriend
Person 2 (female): wait ur gay
Person 1: since last summer how did you forget I had a whole party
…
Person 3: meer shnock