This is a wonderful picture! When I first saw the title, I thought it was going to be something dirty. Maybe because of the one eye or...forget it. It looks like there's another pearl in the background. I'm thinking that's maybe supposed to represent the top of the ocean, but then why it is circular? I just think it's an original idea.
I thought this guy was supposed to be an octopus or some kind of cephalopod. He looks more humanoid and might even be wearing clothes upon closer inspection. I like how the whole thing is one big long word. This thing seems to have bones or something, it's hard to tell. It's worth checking out.