Slime is generally made of glue (white or clear) and a borax solution. While putty, oobleck, Play-Doh, and other non-newtonian play substances have been around for decades, slime started trending again and became an international hit among YouTube and Instagram communities in 2015.
It is most popular for its relaxing, multi-sensory characteristics that can be customized to fit each person's sensory needs from texture, fragrance, color, to its "crunch" and "bubble-pop" factor. Many teenagers and adult slimers have gone onto create their own highly successful slime businesses with millions of followers on social media, often selling out within minutes for each restock.
Slime is just one of many forms of stimming that many ASMRists and neurodivergent people prefer, but the same satisfying effect can be acheived anywhere from chewing ice, soap cutting, mukbang (eating), and so on.