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I think the word refers to the sound made when the hand hits the pelvic area upon each stroke. Female fapping would sound more like.... repeatedly squeaking a rubber boot on a marble floor with great speed.
Saw some reasearch on this once, did an anonymous and named survey to two different groups of women, almost 100% said they masturbated in the anonymous survey but less that 30% admitted to it in the named survey. So yes they do, they just hate to admit it.