The mystery has been solved! The way to earn this badge is to check in to 3 venues tagged ‘parade’ in New Orleans.
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You can expect to see “Show us your badges!” when you earn the badge.
How to unlock the badge has yet to be reported, but I am seeing a bunch of tweets of people unlocking the badge very recently, so some of you may know how to do this. Please feel free to share how you unlocked the badge.