Is the Kraken a myth or a Legend?

Could you please elaborate on the origins of the Kraken, and offer your insight into whether it should be classified as a mere myth or a deeply rooted legend within folklore and maritime history? Does its description as a colossal sea monster with tentacles stretching across vast oceans hold any truth, or is it merely a figment of sailors' imaginations, passed down through generations as a cautionary tale? Additionally, have there been any modern discoveries or theories that shed light on the authenticity of the Kraken's existence?