Etymology
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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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Definitions of squib

squib (n.)
firework consisting of a tube filled with powder (as a broken firecracker) that burns with a fizzing noise;
From wordnet.princeton.edu