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iirc brazil only allows for 3 letters per name (as in the scoreboard in the top of the screen)
it's just an org signature/registered mark. when we want to cheer we say: do the L
LOSER LOSER LOSER, This Loud team gonna lose to G2 that's why thet already forfeit the absolute clap that G2 GONNA do to Loud.
i've always looked like it represents sound waves repeating... Might be wrong but that's what a graphic designer eye sees there