More than a decade after Michael Jordan retired from playing basketball, a picture of him is still striking fear into the hearts of professional athletes.

The latest Internet meme involves an image of Mr. Jordan’s tear-streaked face superimposed on pictures of athletes or coaches who lost an important game. Known as the “crying Jordan,” it has ricocheted around social media, popularized by fans poking fun at sports losers and eliciting laughs (and retweets)​within moments of the final buzzer. In recent weeks, the trend has...