LOL is defined as an interjection, “originally and chiefly in the language of electronic communications: ‘ha ha!’; used to draw attention to a joke or humorous statement, or to express amusement.”
The real surprise here isn't the online ubiquity of LOL but its growing offline presence as a spoken word. As this week's announcement makes clear, LOL is now "found outside of electronic contexts, however; in print, and even in spoken use, where there often seems to be a bit more than simple abbreviation going on. The intention is usually to signal an informal, gossipy mode of expression, and perhaps parody the level of unreflective enthusiasm or overstatement that can sometimes appear in online discourse, while at the same time marking oneself as an ‘insider’ au fait with the forms of expression associated with the latest technology."
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