Also means
to back down (informal)
Usage Note
Dégonfler literally means to let air out of something (dégonfler un pneu = to deflate a tire). Informally and reflexively, se dégonfler means to chicken out or lose one's nerve — a very common colloquial use. The opposite is gonfler (to inflate).
Examples
"Il faut dégonfler le pneu avant de le réparer."
Natural Translation
You need to deflate the tire before repairing it.

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