LolZzZZz is just another way of saying LOL or the very simple LOLZZ but in a more extreme way . It shows more of histerical laughter then a simple "hehehehahaha" . Actully , this internet slang was created by a typo .
Chad: Hey Chrisy <3 , holy shit i jus got pwned
Christina: LolZzZZz hehehe
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