Etymology
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skyrocket (n.)

1680s, type of firework, from sky (n.) + rocket (n.2). The verb, in the figurative sense of "to rise abruptly and rapidly" (often with suggestion of 'and then explode and vanish'") is attested from 1895.

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squib (n.)

1520s, "short bit of sarcastic writing, witty scoff," of unknown origin. If the meaning "small firework that burns with a hissing noise" (also 1520s) is the original one, the word might be imitative.

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