Don't know about the gang sign, but I know how saggy pants got started. The sagging got started in prisons as one way to let another man know they were interested....
Take your left hand. Fold your ring and pinky fingers inward onto your palm hold up your ring finger and index finger apart so they form a V. Extend your thumb to the left so you have a VL. Make a C with your right hand. Hold them together. There. If you're talking about the star...it's a whole different thing. And sagging started in prison to show you were gay and then it got on the streets and people thought it was cool. Then rappers started doing it. And the trend was started