The act or process of chatting; extended casual conversation or gossip.
From chat plus the suffix -ation, which creates abstract nouns from verbs describing actions or processes. The -ation suffix is one of the most productive in English for creating nouns.
Chattation is formal word-making applied to something informal—it's what happens when we try to sound serious about just, you know, talking. The suffix -ation makes any action sound important and abstract.
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