Famously, when you are trying to do racist asian caricatures, you make the eyes more circular.
Love y'all, but I really think the claim that this meme is racist is a huge stretch.
Humiliation and ridiculous caricature are not tactics unique to white racists. That's more reaching.
The meme being used by and useful to anti-communists in general and anti-Xi people in particular doesn't make it racist.
I'm not saying people should use it (mostly because I think it's cringe), but I also don't think it's racist and calling people who use it racist instead of just cringe looks unserious.