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Long /i/, sounds like eek, long /e/ like ere. This"on flick" became "on fleeeek" when extended by a YouTuber. I think the sound you mean is the /ai/ diphthong, as in "aye". Doesn't mean it wasn't originally short for another name, just that when chosen they didn't know that's where it came from or how it was normally pronounced. Most people who choose a short form don't think about what it was short for. Without knowing their inspiration it's hard to be certain.