Have you ever seen a baby unicorn? No! Because unicorns are gay rainbows in equine form.
Gay Rainbow Unicorns
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Explanation
Explain Bear
Listen here, genius. The joke is about unicorns. You know, those horse thingies with a horn? Well, this joke says they're "gay rainbows in equine form." That's the punchline, get it? I bet you also think that a rainbow is just a colorful stripe in the sky.