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I think it is the hide read posts from feed. If you have posts that you have opened/upvoted this symbol will appear and you can hide them.
I personally do not like this new feature and turned it off in settings (hide posts in feed). I find the symbol flashing on and off to be very distracting.
I would prefer either options to:
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Mark posts as read as you scroll whether opened or viewed (Apollo had that),
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Option to swipe left and hide a post (Wefwef has this), or
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option to swipe left and hide all posts above post whether I opened or voted or not (Apollo also had that)
Edit: would also be nice if we had an option under our profile to see posts that we have hidden id we need to see them again (WefWef and Apollo have this). I do prefer Memmy, but the way it works with hidden posts is a downside.
I saw him in Philadelphia in 2019 on his “Farewell” Tour. He has been doing farewell tours for years.