Answer:
I am the second L in LOL.
I'm as simple as a circle worthless as a leader; but when I follow a group their strength increases tenfold. By myself I'm practically nothing.
I am an insect half of my name is another insect. I am similar to the name of a famous band.
I have a foot but no leg. What am I?
Although glory but not at my best. Power will fall to me when the man who made me dies.
It has no top or bottom, but it can hold flesh, bones, and blood all at the same time.