Etymology
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high-five (n.)

1980, originally U.S. basketball slang, 1981 as a verb, though the greeting itself seems to be older (Dick Shawn in "The Producers," 1968). From high (adj.) + five, in reference to the five fingers of the hand.

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Definitions of high-five

high-five (n.)
a gesture of greeting or elation; one person's upraised palm slaps the upraised palm of another person;
From wordnet.princeton.edu