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In the song "Minnesota" by Lil Yachty he is referring to the ice (aka diamonds) on his jewelry being cold like Minnesota because Minnesota is a cold state and ice is also cold. Minnesota's record low temperature is -60 degrees F.
"Yo did you see how many diamonds were on that watch?"

"Yeah dawg that was cold like Minnesota."
by Darnell Boat August 18, 2016
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