Running circles 'round the game like a hula hoop and shit

from Lil Wayne – Run This Town Lyrics on Rap Genius

Meaning

A hula-hoop is a toy that you put around your waist, and then you begin to move your waist back and forth to the left and right of you, eventually creating a circular motion for the hula hoop to revolve around.

To “run circles” around something is to be ahead of everyone, so Lil Wayne is easily ahead of everyone else in the game.

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