Durag wrapping my waves up, pockets full of hope

from Jay Z (Ft. Eminem) – Renegade Lyrics on Rap Genius

Meaning

He’s got a durag on his head and pockets full of drugs

“Hope” = drugs has a double meaning:

Nice improvement from his pockets “full of lint” at the beginning of the verse

Jay-Z in Decoded explains this line saying, “It’s when you take the hustler down a notch that you can start to relate to him, even if it’s still complicated. The pocket that was once filled with lint is now filled with "hope” — which is what the crack is to this kid. It’s contraband to the law and poisonous salvation to the crackhead, but to the hustler, it’s a way out."

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