LOL is an English slang term for the expression “laughing out loud“, and in Portuguese means something like laughing out loud, rolling out laughing, etc.
Other people attribute different meanings. One possible variation is “lots of laughs”. It is a term widely used on the Internet, and was originally created in multiplayer games.
In addition to English meanings, for many internet users, LOL can also mean a person with arms raised to commemorate or celebrate something that has happened, and is a widely used emoticon as well.
Increasingly English expressions and slang are becoming popular in Brazil, and LOL has already become a fever among teenage slang.
League of Legends
Another possible meaning for LOL is League of Legends, an online multiplayer game with millions of users. The game has become so popular that several tournaments are organized, and some people make the game their profession because they can make money through it.