Etymology
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bungee (n.)

1930, "elastic rope," probably an extended use of the identical word used in late 19c. British schoolboy slang for "rubber eraser;" this probably is more or less onomatopoeic, from notions of bouncy + spongy. First record of bungee jumping is from 1979.

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Definitions of bungee

bungee (n.)
an elasticized rope;
Synonyms: bungee cord
From wordnet.princeton.edu