Shaye is a feminine name that originated as a variant of Shea.
Etymology
Shea itself is an Anglicized form of the Irish name Séaghdha, which comes from Old Irish Ségdae, derived from ségda meaning "fine, good, favourable, learned". According to an Irish legend, this was the name of a boy who was set to be sacrificed but was saved by his mother. The name Séaghdha is also the root of other related forms, such as Sé and Shay in Irish, and Seaghdh in Scottish Gaelic.
Cultural Significance
Although Shaye is predominantly a first name for girls, it gained further cultural recognition from the Canadian pop group Shaye, active from 2003 to 2009. The band consisted of singer-songwriters Kim Stockwood, Damhnait Doyle, and Tara MacLean, and was named after MacLean's sister, who died in a car accident in 2002. The group released two albums, The Bridge (2003) and Lake of Fire (2006), and earned a nomination for Single of the Year at the Juno Awards for their lead single "Happy Baby".
Sources: Wikipedia — Shaye