Rappers are having a rough time period, here's a maxi pad

from Eminem – Rap God Lyrics on Rap Genius

Meaning

Rap was in a bit of a rut for a while. There was a long time period where the future of hip-hop looked bleak. But Eminem is also saying that these same weaker rappers are girly and have actual periods, which is why they would need a Maxi pad.

This is not the first time that he’s made period jokes.
The “pad” mention also sets up his jab at Canibus in the next line…

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