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What is the meaning of internet chat term “LOL”

LOL, an acronym for laughing out loud or laugh out loud, is a common term of Internet Chatting. It was used on Usenet but now its common in computer-mediated communication, and even face-to-face communication.
History of LOL

The first use of LOL is recorded in Fido News Newsletter on May 1989(some controversies and disputes against this)

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