The 🤥 emoji with an elongated nose refers to Pinocchio and indicates lying or untruthfulness. It is used when playfully admitting a lie or expressing suspicion that someone is "capping" (lying).
Usage example
Of course I finished my homework 🤥
He says he's only 25 🤥
🔞 NSFW▼
Drugs and substances
Cocaine. Pinocchio (long nose) is sometimes used as a reference to snorting drugs through the nose.