The story
Polyphemus + caterpillar, by analogy with the Polyphemus moth.
Etymology from Wiktionary, CC BY-SA 4.0.
Polyphemus caterpillar
Today it means: A large, green saturniid caterpillar with a red head; the larval form of the Polyphemus moth (Antheraea polyphemus). Full definition →