The Brief: SBEVE is an abbreviation for "he lied" that comes from the phrase "(S)he (be)lie(ve)d."

DEEP DIVE
(S)he (be)lie(ve)d is a cheesy inspirational quote style phrase that reads both “she believed” and “he lied.”Parentheses are added around the letters s, be, and ve to highlight how “he lied” is hidden in the phrase. The idea behind this is that a couple broke up because the girlfriend believed her boyfriend’s lies. Because of this, in some corners of the internet, “SBEVE” is a direct reference to this meme and a way to say “she believed/he lied.”
(S)he (be)lie(ve)d is a style of quote, meme, or image macro that has circulated on sites like Tumblr and Instagram for years. Recently, the meme has spread to Reddit, specifically the Dank Memes subreddit, and other social media sites as a way to poke fun of its melodramatic tone.
SBEVE Memes
A common iteration of this meme shows the phrase (S)he (be)lie(ve)d and then depicts the emotional reaction of a teenage girl or someone else deeply affected by the contents of the phrase.
sbeve from r/comedyheaven
Wordplay Variations
Other memes make fun of dramatic wordplay quotes similar in format and theme to (S)he (be)lie(ve)d.
*sad noise from r/dankmemes
Bruh sound 2 from r/dankmemes