What is LOLOLOlololol?

Acronym of "Lots Of Lovely Old-fashioned Laughing Out Loud Obnoxiously Lengthily Over (the) Limit OnLine"

Dude 1: OMG, that's so retarded!
Dude 2: lolololololol!

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LOLOLOlololol - meme gif

LOLOLOlololol - video