Title
It’s just a reference to this 80’s film title, “Breakin 2: Electric Boogaloo”: https://m.imdb.com/title/tt0086999/
I’ve never even seen the movie, but I’ve said the thing. It just comes easy because boogaloo and two rhyme so well, so it caught on a s a meme. People have been making that “joke” for over 30 years
If you can ignore the jank, bad acting and strange premise. That movie has some cool entertaining dance sections, and plenty of scenes are constantly referenced in pop culture. You may not have seen the movie, but you know everything that happens in that movie from cultural osmosis alone.
Now I’ve gotta watch that movie. If it sucks, I’m comming for you. You have been warned!
Oh, I never said it didn’t suck. It sucks. But it has fun parts. And lots of things that later became pop culture references and parody jokes.
Know Your Meme has a good page on this: https://knowyourmeme.com/memes/electric-boogaloo
Just to add a bit to the other folks’ great answers, RedLetterMedia watched Breakin 2 in their Best of the Worst series. Link! For those who don’t watch BotW, they usually watch three films, but while they couldn’t do a deep dive into Breakin 2, I think they showed most of the cool stuff from it (just a guess because I’ve never seen the film).
The sequence with the rotating room is still kind of mind-blowing to me.
[insert] Benjamin Button old face meme
There is the cult-classic B movie Breakin 2, but that has had an alt right group latch on to gain recognition. The Boogaloo Movement promotes driving the U.S. into a second civil war.