What does "plummeted" mean?

Plummeted is the past tense of the verb "plunge".

To plunge something means to cause it to fall or drop suddenly and rapidly, often to a great depth. For example, if you were to throw a rock into a deep pool of water, the rock would plunge down into the water quickly and deeply.

So, if something has plummeted, it has fallen or dropped suddenly and rapidly, possibly to a great depth.

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