bungee
n. B2 Upper Intermediate US //ˈbəndʒi// UK //bˈʌndʒiː// bungee
n. a piece of equipment that you jump from a high place with, like a long elastic cord. It is also the activity of jumping from a bridge or a tall building with this cord.
n. a long elastic cord used for jumping from a high place, typically a bridge or cliff. Refers both to the equipment itself and the extreme sport of jumping with it.
He bought a new bungee cord for his jump.
The local bridge is famous for bungee jumping, attracting hundreds of tourists every summer.
While the physics of the bungee jump are relatively simple, the psychological impact of the free fall remains a significant barrier for many first-time participants.
Probably from slang language, maybe from bouncy + spongy.