What does "Oh snap" mean?

May I ask, what does "oh snap" mean please?

I heard it from the DIY Art competition, when the competitors were waiting for the judges to announce who's the winner.

Competitor A said: I'm nervous.

Competitor B said : I'm so excited.

Competitor C said : Oh snap!

Does "Oh snap" means "Oh what's the result"? or just "Oh I'm excited"?

I found in the dictionary that this word "often used in response to an insult" But in this situation, I am a confused about the meaning of it.

Solution 1:

In the context given, "Snap" is more likely to mean "Me too"; "I'm the same".

From Lexico:

4 British mass noun A card game in which cards from two piles are turned over simultaneously and players call ‘snap’ as quickly as possible when two similar cards are exposed.

‘The school is also encouraging parents to introduce their children to cards games such as old maid, snap and bridge.’

4.1 as exclamation Said when similar objects turn up or two similar events take place.

In this case, it is an exclamation transferred from the card game where it signifies a match into a situation where there is just a match — the speaker is also excited.

This is completely different from the American usage where it's an innocuous expletive.