Caucasity · noun1
Blend of Caucasian + audacity. Apparently popularized by The Kid Mero who has also claimed to have coined it. Variation in spelling may be the result of cross-pollination between senses, different interpretation of where the two parts of the blend meet, and respelling to match pronunciation.
Caucasity · noun2
Probably Caucasian + -ity or from the same as the other sense, Caucasian + audacity. Variation in spelling may be the result of cross-pollination between senses or different interpretation of the term's etymology.
Etymology from Wiktionary, CC BY-SA 4.0.