Meaning:
“章鱼哥” refers to Squidward J. Q. Tentacles, one of the main characters of the animated series “SpongeBob SquarePants,” and “梦想” means “dreams.” Even though Squidward’s name contains the word “squid,” he is an octopus whose favorite hobbies are painting self-portraits and playing the clarinet. He is SpongeBob’s grumpy neighbor and co-worker who dreams to be an artist and musician. In a viral rip-off video on the streaming site Bilibili, Squidward goes to see a doctor, who mercilessly points out to him that he lacks the talent and perseverance to become successful and therefore had better give up his hopes and dreams and come to terms with his life as a canteen cashier. Chinese netizens have since used the term to refer to “an ideal doomed to fail and ultimately relinquished.”
Example:
A: 你哥还在坚持写小说吗？
Nǐ gē háizài jiānchí xiě xiǎoshuō ma？
Is your elder brother still trying to write fiction?
B: 没有，他找了一份程序员的工作，成为作家是他章鱼哥的梦想。
Méiyǒu , tā zhǎo le yīfèn chéngxùyuán de gōngzuò, chéngwéi zuòjiā shì tā zhāngyúgē de mèngxiǎng。
No, he’s found a job as a programmer. He’s given up his dream of becoming an author.