This emoji goes beyond a simple 'no' and can also show a proactive stance like, 'I oppose that opinion'. It's mainly used when a man wants to express a firm refusal.

It brings to mind scenes from a game show announcing an eliminated contestant or a cartoon character rejecting a ridiculous proposal. Thanks to this exaggerated and humorous feel, the emoji is much better suited for jokes among mates or lighthearted refusals than for serious situations.