Why is Donnie smiling at the beginning of the film, when he wakes up?

from Movie FAQ – Donnie Darko on Rap Genius

Meaning

It is possible that Donnie finds the odd places he wakes up amusing.

It is equally possible that Donnie recognizes the nature of the time loop he is in and is laughing at his defying of death once again by showing up at the beginning of his own story.

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