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Actually, Olé is an interjection of Spanish origin. It is used colloquially to encourage or applaud a performance. It is even used in traditional flamenco dance, but its most popular use today is during sporting events.

Originally utilized during bullfights, it evolved into its current repeated chant "Olé, olé, olé" when it made its transition into the football [soccer] field. Its popularity spread to other countries and eventually other sports, but it still retains its original meaning.

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Q: Where does the song ole ole ole ole come from?
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