Is Using 'Gay' As An Insult Ok?

In my neck of the woods, you don't have to go far to hear someone describe something boring or bad as 'Gay'. It's quite commonly phrased as 'That's gay.' or 'You're so gay.'. and not to stereotype, but is usually used by pre-teens or teens.

Via cdn2.crushable.com

Katy Perry's song 'Ur so Gay' came out (pardon the pun) in 2008

It's not just used in speech, the internet has also popularized the use of the word too. For an example of this, check the comments of almost any mildly unpopular song on video on YouTube. You could probably find a comment that contains the word 'gay' in a negative light on most social media websites as well. This got me wondering if the word has surpassed it's meaning of being homosexual and now has taken on a new one of discontentment.

MemeCrunch / Via memecrunch.com

Senor Chang's "Ha, Gay!" meme made popular in 2010.

Sidenote:

I do not mean any offense by this post, I'm gay myself. I'm merely curious on the use of the language.