While I'm wiping my butt
Cause I just shitted on the mic,
The previous bars double the entendre on “bow” (the show bowing/bowing from pain), whereas this bar triples it by adding the “shitting” theme, as bow could be heard as bowel (bowel movement).
The meaning to the extended metaphor pretty much lies in this statement :
Him giving up on the game (bowing out), would be as crazy as him stabbing himself in the gut (bow from pain) while wiping his butt (bowel movement)…wiping his butt because he just shitted on, got MAD DOPE on the mic. Why would he give up when he’s the best at it.
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