The o's represent eyes and the '^' is the mouth, basically this is an emote used to show derpiness and quirkiness, or a bird.

A facial expression used to represent a particular emotion that cannot be described by the simple means of O_O. It has a wide array of representation, for example, a longing for a particular object or simply a loss of words.

1)a face of embarrasment with a pinch ok wtf in it
2)omg
3) a way to blush *blush*
4) a way of an embarrased wow (example larry:omg wow....O///o)

A face used to show the sad emotion.

A variation of the kirby dance mimicking a 'peek-a-boo' action where kirby's eyes change shape for comical effect.
This usually ends with kirby having no face and thus ending on a higher comical note. The eyes can be modified to the user's liking.

An anime style smiley used to express shock, or

Pikachu, the two "o"s are the red cheeks, and the other characters are the face/smile.