Past tense and past participle of shrink; became or made smaller in size.
From Old English 'scrincan' meaning 'to curl up.' The word has Germanic roots and the '-unk' ending is a strong verb form, similar to 'drink/drunk' or 'sink/sunk.'
English has two acceptable past tenses for shrink—'shrunk' and 'shrank'—and we choose based on whether we're talking about the verb actively or as an adjective, showing how English lets us be flexible with grammar!
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