When someone is described as punching, it normally means that they are in a relationship with someone who is noticeably more attractive than them. This person could also be more financially stable or just be able to give a lot more to the relationship than that person could offer; out of their league. This can also be for people who are just dating aswel.
E.g ‘Did you hear that Jason and Jessica broke up?’ ‘i’m not surprised! Jessica is so good looking, Jason was punching’
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