ShriNathji’s svaroop is often said to be that of Shri Krushna dancing during the MahaRasa or Shri Krushna dancing on the head of the Kaliya naga. So in either case, the svaroop is that of the Lord dancing.
Flying ends of his scarf, flared and swirling skirt, swinging braid are all indication of the vigorous nature of the divine dance.
In classical Indian dance forms, legs are bent and the feet are splayed. Maybe in earlier centuries, because ShriNathji is worshiped as Raas-Raseshwar and Nag-daman, he is depicted as a dancer with splayed feet.
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