Basically "Laugh Out Loud" abbreviated but the first and last letters are capitalized for aesthetics. Not to be confused with "League of Legends" which is also intentionally capitalized as such.
A: Watch this video
B: LoL it's funny
A: Why League of Legends it sucks
B: I'm laughing out loud, not League of Legends
B: LoL it's funny
A: Why League of Legends it sucks
B: I'm laughing out loud, not League of Legends
by Angerian May 4, 2021
Get the LoLmug. 
by Louie mack goie 😋 😋 December 20, 2019
Get the lolmug. 
lololololoololoolololololololololololololoooooooooooolololololololollollll
lol this a trick
by fghmj hmhf January 19, 2021
Get the lolmug. A rude way to end a conversation or it is used to say "I don't have a thing to say" it is considered rude. Use hahaha instead
by A Texter February 1, 2010
Get the lolmug.