The name comes from The Matrix, specifically The Red Pill. It was seen by the manosphere and far right individuals as waking up and realising everything is a lie*. However, the film, directed by two trans ladies, is all about being trans. In the movie, the red pill was in fact referencing...
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* 2025 clarification; In this context “everything you’re told”, specifically that systemic societal issues such as inequality regarding race, gender, sexuality, class etc, are lies, as are the fights to restructure society and amend these problems.