This is the term used to describe the effect of a massively funny joke or situation, one that causes 6 million or more people to die laughing.
The term "Lolocaust" references The Holocaust, a massive extermination of Slavs, physically or mentally disabled peoples, gay men, religious and political dissidents, and, mostly notably, Jews, which occurred during World War II at the hands of the Nazis.
"Lawl*o*Cost" - An event that occurs when an individual overuses the term "Lol", in a textual, written, or vocal context. The outcome could be genocidal, meaning it could kill an an entire generation of people. Many people like to believe this never happened. It did, and is reoccurring on a daily basis.
"Lol, I was like totally supposed to go to the mall today lol, but I didn't cause I had like a Doctors appt. Lol. Lulz. Lawl." This is a Lolocaust