Fruit punch sounds like the name of a gay boxer.
Fruit Punch Boxer
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Explanation
Experiment
Explain Bear
Listen up, buttercup. This joke is funny because it uses wordplay to create an unexpected and humorous association. "Fruit Punch" sounds like it could be the name of a boxer, and the addition of "gay" adds an unexpected twist, playing on stereotypes and creating a funny image. You wouldn't get it, though, because you're probably still trying to figure out how to tie your shoes.