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What trendy or meme word do you actually like or find funny?
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In this context, it means praiseworthy. If a person describes something as based, they are commending that thing; however, it is also commonly used in an ironic way. People will praise something that shouldn't be praised in situations where it would be humorous.
I thought it had more of a 'doing your own thing' vibe to it. As in, you could use it to describe someone spending a vast amount of time perfecting an unusual skill.