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No one seems to know for sure though - there's also theories about Minik meaning "he who is hungry for breast milk" or "earwax", and Ivalo meaning "little sister" or "butterfly", but sinew and blubber seems to be the most reliable ones. ;)
I think I'm gonna name my kids Sinew and Blubber.
Funny that the same names can have such a variance in possible meanings! I'd just pick which meaning I liked best, then.