Besides joy, this emoji can also have a double meaning, like 'a repetitive routine' or 'going nowhere,' because of its motion of circling in the same spot. It also fits well when conveying a dreamy or fantastical atmosphere.

The carousel is a staple in K-pop music videos and dramas, often appearing as a romantic date spot. That's likely why it's frequently used to express happy moments with a partner or a fairytale-like love. Sometimes, it's also used to create a wistful mood tinged with a bit of sadness or longing.