There is little doubt that fans went nuts over the new Variants who were introduced in the mid-credits scene of Loki Episode 4. But does the God of Mischief really have an Alligator Variant? There is a possibility that Alligator Loki isn't actually an alligator in the first place.
In Loki Episode 4, Loki ended up being pruned. However, he and Sylvie still managed to tell Mobius and Hunter B-15 the truth about the TVA agents. In addition to that, they discovered that the Time-Keepers are actually androids that are being controlled by somebody else.
Amazingly, it was also revealed that being pruned doesn't necessarily mean instant death. Instead, Loki ended up in a new dimension where he finds four other Variants including the one and only Alligator Loki.
While all these Variants were cool on their own, Alligator Loki stood out to fans because of what it implied. Could this mean there's an entire timeline out there where Asgardians are reptiles? Although we are intrigued by the idea, a new theory suggests it's a lot more complicated (or simpler) than that.
The theory purports that Alligator Loki is just another humanoid Loki who had shape-shifted into an alligator and ended up being stuck in their new form. We already know that Loki is good at transforming into animals like snakes (remember Thor's story in Thor: Ragnarok?) so this could be the case.
This is an interesting idea and I just want to add that Alligator Loki appears to be a juvenile. Sadly, this could mean that Loki was as young as Sylvie when they were brought to this dimension.
Do you think Alligator Loki is just a regular Loki stuck in alligator form? We'll find out for sure in Loki Episode 5, which premieres on July 7, 2921.