The unicorn emoji shows the head of the mythical horned horse, usually in bright or pastel colors. It represents magic, fantasy, rarity, imagination, and something unusually special.
People use it for whimsical moods, colorful aesthetics, queer pride, or a person who seems one of a kind. In business, a unicorn is a privately held startup valued at over one billion dollars. In dating slang, it can mean a third partner sought by an established couple, so context does some fairly important work.
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