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mkey is a short form for "mhhhhm okey"

As like "k" it's an online term of acknowledgement; esp. without particular interest.
For example you just asked a question about something you don't really want to know just to keep on the conversation. You get an random answer and you type "mkey".
a: what do you do this afternoon

b: i go shopping

a: mkey
by Alexander W March 03, 2007
15 6