The two O’s in the emoticon are meant to represent wide eyes, while the w represents a happy, content mouth. Some people believe that the would of OwO is supposed to make a woooo or oooo sound, however it is most commonly pronounced oo-woo. Furries are people who like to dress up like an animal for sexual purposes. Some people believe that this is a result of anime and manga and that the first people to use these emoticons in America were furry enthusiasts. Many of the first wave of internet emoticons are of Japanese origin. While the origin of the emoticon OwO, owo, or OwO is not known exactly, many believe that it originated in Japan along with many other emoticons like it.
People can see this term on Kik, Tumblr, Twitter, Instagram, and many other social media sites in which slang words and memes are common. This term is used as an emoticon on social media, instant messenger, and via SMS text messaging.
However, most often this term is not used as an acronym at all but as an internet slang term emoticon that is used to express surprise and excitement.
According to Collins Dictionary and 7 E S L, the term OWO may come across as a bit of a weird acronym at first.