Bungee

wiktionary

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Probably from slang language, maybe from bouncy + spongy.

etymonline

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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.