Most native speakers haven't heard before this song. When an announcer asked the lyricist about this word on Nov/11/2015, he said something along the lines of "The meaning is not known and each person has their own way of interpreting it". So it's basically his made-up word which just sounded nice to him.
Still, I feel this is meant to sound like a symbolic , something like "Yo Ho" (of pirates) or "Heigh-Ho" (of dwarfs in Snow White). Some people seem to believe this had been actually used among young people around Harajuku, but I could not find a definitive evidence for that.