Can be replaced with other animals, sometimes heard as lollipanda.
May also be used when something isn't really as funny as the teller thinks as to lighten the situation and really make some laughs.
Another way to spell loligator
person 2 LOLLIGATOR DUDE!!
person 1: bahahahahahha what the heck dude..
person 2: I know right!
person 1: *tells funny joke*
perosn 2: hahahahahahhahahahah lolligator moment dude!
person 1: FORSURE.