The phrase is everyday Brazilian Portuguese slang for saying life is going badly, with merda used as a strong swear for emphasis. Online it spread as a short reaction clip on soundboards and in meme edits, usually detached from any single original video. Its appeal is the blunt honesty, people reuse it for work stress, school problems, money troubles and minor daily setbacks. Because the meaning is clear even from tone alone, it also works for viewers who do not speak Portuguese.