This rare kanji has no clear standalone meaning. Treat its meaning as uncertain.
淯 combines 氵 (water) with 育, which likely contributes the sound. The exact historical development and original meaning are uncertain.
The left side is water 氵, and the right side is 育 (nurture). Picture water nurturing a hidden meaning, but the exact idea remains unclear.
For イク, imagine a drop of water (氵) saying 'ick!' as it nurtures (育) something strange: ick -> イク.
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