Theory Loki's fruit is probably the World Serpent Jormungandr.

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Since Arabasta we know that some nations have their own "official fruits", mostly known as guardian spirits or guardian deities.

For example:
The Jackal and Falcon DFs, which are based on Horus and Anubis, and both are the Guardian Spirits of Arabasta.
The Okuchi no Makami, which is based on a creature from Japanese mythology, and is currently the guardian deity of Wano.

All of these fruits are zoans, which are known to have their own will.

And their will is, for some reason, to be reborn in those nations with which they have some unknown relationship, perhaps because that's where they'll find the most suitable user, or simply because they want to protect that particular territory.


I feel that the "Legendary Fruit" of Elbaph will follow the same pattern, so:
- To be reborn in the same territory for centuries means that it must be a Zoan.
- Be part of the mythology of that territory.




Looking at Loki's appearance, we can see a bit of his tattoo that resembles wings:



The pattern of the wings is very similar to that of the caduceus, a staff wielded by Hermes in Greek mythology and Mercury in Roman mythology, both of whom, like Loki, are the "tricksters" of their respective mythologies.
And as you can see, they are also symbolised by 2 snakes.


And Loki is often symbolised with 2 snakes entwined around each other,




Following all these patterns, I really feel that Loki could have eaten the Jormungandr DF, it would be the creature that fits him best, even better than Fenrir and the fire giants.
But there are some unknown answers yet to be revealed, like why his eyes are covered, which I can't relate to Jormungandr.

We'll see, but I'm very excited about this character, whether he's a villain or not.
 
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