Skull-shaped asteroid to pass by Earth after Halloween

The video discusses an asteroid, nicknamed the 'Great Pumpkin' by NASA, which passed close to Earth on October 31, 2015, and will pass again on November 11 at a much greater distance. The asteroid rotates every 2.94 hours and reflects only 5-6% of sunlight, similar to charcoal. It is believed to be an extinct comet that lost its water and volatile compounds after many orbits around the sun.

What do astronomers think the asteroid may be an extinct version of?

What happened to the asteroid after numerous orbits around the sun?