I could not find the answer on the site, so I’m asking here. Is it composed of dictionary words or names or is it simply a phantasy name?
It’s a mash up of ワニ (alligator) and カニ (crab).
Either that, or “two mosquitos in a ring”: 輪に蚊二 
You… you… you mean wanikani is… the Crabigator?
My mind is just…
https://media1.tenor.com/images/044b269d5a6422810773ca490e07ff50/tenor.gif?itemid=4740219
Literally… 
鰐蟹
Alligator Crab
Sure if you want it in kanji, but most of the time you’ll only ever see the words written in kana and often in katakana.
Backwards you get にかにわ (二価庭) or “bivalent garden”
Or there’s the title of one of the ASK graded readers:
にわにわに？
Alligator in the Garden?
Quite a tongue twister.
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Tha’ts a garden in the alligator
A garden in an alligator in a garden then 
Alligators always look so happy smilin’, never grumpy I guess.