Bride of Cthulhu
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Biologically speaking if I were to regard Cthulhu, not as one beast but as a species of beast, there would more possibilities other then the classic depiction. For example if you look at tropical birds, you will see variations in the plumage, colors and so forth between genders.
Being a sea creature, I also assert that Cthulhus would have Cephalopod like skills for manipulation of there shape and color, allowing for other creative interpretations.