it means ate, it also refers to oral sex
Online jargon, also known as [[text message|text message]] shorthand, used primarily in texting, online chat, instant messaging, [[e-mail or email|email]], blogs, and newsgroup postings, it is the modern version of "69." It turns out 8 is short for 8it, which sounded out is "ate it."
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NetLingo Classification: Acronyms and Text Message