This emoji originates from a Japanese decorative ball called a 'kusudama' (くす玉). It's a celebratory tool where pulling a string splits the ball in half, releasing confetti and banners.

While the 🎉 (party popper) emoji represents the start of a party or a momentary burst of joy, the 🎊 emoji has a stronger feel of celebrating the success of a larger-scale, official event or a surprise occasion. In Korea, it also feels familiar as it resembles the 'bak teotteurigi' (gourd-breaking game) from school sports days.