Why does the Kraken exist?

Could you elaborate on the reasoning behind the existence of the Kraken, an enigmatic sea monster from Norse mythology? Is it merely a figment of the imagination, or does it hold deeper significance in the realm of folklore, culture, and perhaps even as a metaphor for something greater? Are there any theories that attempt to explain its origin and persistence in the collective consciousness? Additionally, have there been any modern interpretations or reinterpretations of the Kraken, perhaps in the context of cryptocurrency or finance, that offer unique insights into its enduring appeal?