Iowa State vs. Kansas University – Basketball.

In 2013, Rio Adams (also named Adam Rio by some) did this constantly whenever KU scored or made a major advancement, eliciting humerous responses from crowds watching on tv and in stadium. Due to its position in time and the amount of attention it originally received on the web, this gesture didn't actually take off quickly on the internet initially. The way this meme got its popularity appears to be comparable to Star Trek – not very popular until the reruns came out. The gesture, that Adam Rio performs, of 'eating invisible cereal' has received a number of captions, including:

"Adam Rio has Invisible Breakfast"
"Feed Me!"
"Eatin' on the Kansas Bench"

The meme has also received attention on various other websites and webpages where memes are discussed:

http://imgur.com/gallery/jfoMvWT
https://www.reddit.com/r/funny/comments/1aiies/so_ku_players_eat_invisible_cereal_now/
http://www.memes.com/img/33263
http://weknowmemes.com/tag/when-i-get-excited-i-too-eat-invisible-cereal/

However, due to an important family decision, Rio Adams transferred from Kansas University to Ohio University. While it was initially stated that it would be in his best interests, he ended up not staying at Ohio. According to HustleBelt, "Adams was considered one of the nations top recruits" before he arrived in Lawrence, Kansas in 2013. Adams himself was also known as the "Gif Maker".

http://www2.kusports.com/news/2013/apr/03/ku-announces-release-rio-adams/
http://www.cbssports.com/collegebasketball/eye-on-college-basketball/23379879/former-kansas-g-anrio-adams-leaves-ohio-two-months-after-transferring

For stats on Anrio Adams, visit:
http://sports.yahoo.com/usf/basketball/recruiting/player-Anrio-Adams-108332

This is a meme that captures a past event – not an ongoing action. While not receiving much attention in the official meme communities, it is important to note that this has already been memed before, and can be viewed on YouTube and other high-volume sources. The age of this meme also explains why it's not used as much – while it was hot in its hayday, no one appears to have officially considered it a meme yet. However, a simple Google search prooves otherwise – this joke is still alive and kicking.

Google Images:
https://www.google.com/search?q=eating+invisible+cereal&newwindow=1
https://www.google.com/search?q=rio+adams+transfer&newwindow=1