Teens have always been been influenced by peer pressure when it comes to alcohol and drugs. The Waldos, being the Waldos—a group of guys who mocked everything— recognized teenage peer pressure and humorously called it out.
Some of the Waldos liked to get much more high than others. Back in the days when cannabis strains and THC content were not identified on marijuana packaging like it is today you never knew how strong of an effect a batch of weed might have on you. Add in nagging peer pressure from more heavyweight smokers for you to “take another hit”, and you could end up very zonked.
When urged by your pressuring Waldo buddy to “take another hit” you might decline. The pressuring Waldo would then cup his hand with his fingers stretched out straight down, and with his fingertips push down on the top of your head.
And with that action he would mockingly chant, “Peer pressure, peer pressure, peer pressure!
It always provided a laugh … and helped to neutralize the pressure.