Basically a new hip way to say "cool." You see, the name "Julio" is used purely for rhyming purposes. It is cool because a) 'koolio' is ironic and hipster and b) 'Julio' rhymes with 'koolio,' and rhyming is cool.
Person A: Hey, I'm gonna go grab some Chinese food.
Person B: Koolio Julio.
Person A: *Finger guns*
Person B: *Finger guns back*
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