Dried Cow Fetus is a meme apparently created and first introduced by the reddit user /u/ClamCrackingClown. The first ever mention of the meme was in this comment by the user: https://www.reddit.com/r/4chan/comments/2yutpb/that_diddly_feeler9kino/cpdjr8l
Whereas the original Dried Cow Fetus image was first posted in this thread: https://www.reddit.com/r/4chan/comments/2z16qy/anon_the_creator_of_tards/cperi02
(Image link: http://i.imgur.com/8vXbGQL.png)
The meme received mild recognition shortly after its creation, gaining a measly 39 upvotes on the reddit debut of the cow fetus image.
/u/ClamCrackingClown mentions the Dried Cow Fetus several times, one of the most notable being here:
https://www.reddit.com/r/4chan/comments/2yxxqj/anon_perfectly_describes_an_image/cpe3v9s
The meme was not always well received in its early days:
https://www.reddit.com/r/4chan/comments/2z0ayg/mutants_making_fun_of_fan_bases/cpeqtiq
The Dried Cow Fetus meme has appeared on 4chan.org multiple times:
http://i.imgur.com/4GbFrla.png
http://i.imgur.com/zFVP736.png (the original Dried Cow Fetus edited with a Pepe head)
http://imgur.com/gallery/31KWAJr (high res of above)
http://i.imgur.com/6evVNFa.png
http://i.imgur.com/k6B0PIl.png (high resolution of the image included in the above post)
Though the original creator of the meme appears to be inactive on reddit (he/she recently published another Dried Cow Fetus image on imgur), other users have tried to keep the meme alive:
https://www.reddit.com/r/4chan/comments/31v76x/anon_summarises_the_world/cq5dnhh
https://www.reddit.com/r/interestingasfuck/comments/2z1at7/a_28_day_old_cow_fetus_within_its_fetal_membranes/cpeyfso
(I just got these from Google – there are many others).