Etymology

giant phantom jelly

Today it means: A species of deep-sea jellyfish, Stygiomedusa gigantea, commonly found in the ocean's midnight zone, and twilight zone usually at depths of 6,665 m (21,867 ft). It is rarely seen, but believed to be widespread throughout the world, with the exception of the Arctic Ocean. Full definition →

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The story

From this animal's large size and ghostly appearance.

Etymology from Wiktionary, CC BY-SA 4.0.