a ponytail holder or hair tie, often very decorative with gathers. Can be solid or patterned. Usually made of fabric. Name comes from Scünci, a company which makes many types of hair products including ponytail elastics, etc.
Nothing would hold my straight hair back until I found this awesome scrunchy!
Person 1: 'Have you ever noticed a person's sphincter looks quite like a scrunchy.'
Person 2: 'Now that you mention it, yes it does.'
Person 1: 'So in that case, I put it in Lisa's scrunchy last night.'