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Marsey the Cat is originally an emoji pack from Telegram.

It was co-opted by the extreme right sometime last year and it is being used to signal to those "in the know" where someones allegiance lies.

Neo-Nazis tend to quickly move from dogwhistle to dogwhistle and one of the reasons they keep doing that is because it is a way in which they can troll and sow groomercord. When you point out that it's a neo-Nazi dogwhistle they will say things like "you're not sane, it's just a triple parentheses" or, in this case, "it's just a cat".

At the same time it is also used to nudge-nudge, wink-wink at their base to make it clear what their intent with the post is.

It is not surprising that admins would remove such a symbol and this "controversy" is manufactured and fake. A deliberately created hatemob because these people knew in advance that reddit would react like this. The admin they target is a visible part of the community admin team and therefore a target, because community admins visibly uphold site policy like "no racism" and neo-Nazis have a problem with that.