Answer:
It is an insect, and the first part of its name is the name of another insect. What is it?
Tall when seated, short when standing.
Old Grandpa Diddle Daddle jumped in the mud puddle, green cap and yellow shoes. Guess all your loftiness and you can't guess these news.
What grows up while growing down?
A warrior among the flowers, he bears a thrusting sword. He uses it whenever he must, to defend his golden hoard.
It weighs next to nothing but no one can hold it for long. What is it?