Fan theories are a major part of any Marvel series. From the moment a project is announced and casting news begins to break, fans start trying to sort out what stories will be told and what twists they can expect and the latest installment of the Marvel Cinematic Universe, Disney+'s Loki, is no exception. There has been no shortage of fan theories, particularly about what characters some actors may or may not be playing. Now that episode two of the series, "The Variant", has arrived and revealed the villainous Loki variant the TVA is chasing one of those major theories has been proven correct.
Warning: spoilers for this week's episode of Loki, "The Variant", below.
While the episode establishes early on that there are countless Loki variants and no two alike, there's really only one that the TVA is especially interested in and that's the one that's been killing Hunters and stealing those reset charges. By episode's end, Loki (Tom Hiddleston) has sorted out that this Villain Loki is hiding in apocalyptic events since they're a sort of loophole in the whole "security" system of the timeline as they naturally get wiped out so Loki and the TVA go to a "class ten apocalyptic event" in 2050 - a Roxxcart where people are sheltered from a massive hurricane - to find them.
Loki directly encounters this Villain Loki, who is enchanting various humans to speak with him while setting up their master plan which turns out to be to bomb the Sacred Timeline, but right before heading off to another point in time, the real Villain Loki reveals themself and it's none other than Lady Loki, played by Sophia Di Martino.
Di Martino was cast in the series back in November 2019 in a then-unknown role and almost immediately fans started speculating that she could be playing the fan-favorite, gender-bent version of Hiddleston's character. Set photos later emerged that put a bit of fuel to those rumors, though some also speculated she might also be playing Enchantress. Now, with "The Variant", it appears to be pretty definitive that she's playing Lady Loki. The only real question from here is what is Lady Loki's plan and just how much chaos did she just bring to the Sacred Timeline.
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