Used when discussing death in a casual or joking way, not suitable for serious or formal occasions. After that long hike, I feel like I'm ready to bite the dust!
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Figurative Use
It's a metaphorical expression and does not involve actual dust or biting. With the company losing money, it might soon bite the dust.
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Cultural Reference
Often found in Western movies or books during fight scenes or battles. One by one, the outlaws bit the dust in the final shootout.