The correct term is Pyrrhococcix (with and should never carry tilde ), but Cercococcyx should be best used. It is a Castellanization of that term and means colorful tail or colored tail. It is the name of a genus of birds that belongs to the family Cuculidae. They are known as cuckoos or squats.
Pyrococcix : Genus of climbing birds of the family of cuculides characterized by small body, long hunched bill, strong legs, short wings, long tail and soft plumage.