This monster is based on the Coelacanth, a prehistoric order of fish thought to be extinct until it was rediscovered in 1938.
This monster's "King" title is a reference to the Indonesian word raja laut (lit. "king of the sea"). The word used locally to describe the two extant coelacanth species. The golden appendage and "necklace" on this monster's head can be interpreted as a crown, further emphasizing this monster's "King" status.
It should be noted that the word raja laut is more specifically used to describe the Indonesian coelacanth, whose coloration is brownish-gray, whereas this monster closely resembles the West Indian Ocean coelacanth whose sports blurish-gray color.