The story
Popularized by images shared across social media in late 2020 and early 2021, captioned: "awww the scrunkly 🥰🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺🥺 double tap now if you'd scrunkly the when😆". Perhaps a blend of scrunched + crinkly.
Etymology from Wiktionary, CC BY-SA 4.0.