WHAT IS THE EXACT KEKW MEANING?

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The kekw meaning is actually quite basic, it suggests laughter. KEKW is actually a FrankerFaceZ emote that was designed to represent the laughter whenever anything funny or hilarious happens during the stream. 

So where does KEKW come from? It is a combination of the KEK, which is equivalent to LOL (Korean) with the letter W, that Twitch users often use to convey a very exaggerated facial expression. So together KEK+W=KEKW means exaggerated or heavy laughter.