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There are a lot of stories about where the name Donkey Kong actually came fromβeverything from a bad fax that made the Nintendo of America team misread Monkey Kong, thinking the M was a D, to its being named after King Kong. But in the end, Miyamoto said it was simpler than that. They wanted an English name because they knew the game would be a hit in America. The word donkey was used to imply something silly, or dumb, and in Japan, kong is a slang word used for an ape. Basically, Miyamoto and crew were naming the game Silly Ape, but they felt Donkey Kong was, well, just more fun to say.
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Dustin Hansen (Game On!: Video Game History from Pong and Pac-Man to Mario, Minecraft, and More)