Waving the white flag is a universally accepted sign of surrender that has been featured in popular media for many years. The origins of waving the white flag can be traced back to the time of the Romans.

With this in mind, when you use the white flag emoji, you are basically saying: I give up. You could send the white flag to your friends after a bad day or send it to someone after a terrible situation; either way, you are showing you have abandoned all hope. 

Despite the associations with surrender, the flag can be used in rather creative ways - for example signalling that you have been defeated in a friendly argument. Or showing that someone has said something so ridiculous that you have to give up from life. The see no evil monkey works incredibly well in this instance. Example, your friend says something incredibly stupid - you can reply: I can’t go on anymore 🏳️🙈

Due to the white colouring of the flag, it could also be argued that the white flag emoji could be used as a sign of peace. Sequencing with a dove and some flower emojis can amplify the  peaceful meaning. For example: let’s call a truce 🕊🏳️