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You say it when you're so happy you think you'll explode. Or when you're trying to hide how awkward you feel. Add more 'wuw's if you're trying to convince yourself it's not that bad.
Wuw. I just got a 100 on my math test. Wuw.
Wuw. I accidentally told my crush I liked him. Wuw.
Wuw. I just saw my ex with a new guy. Wuw.