I have argued that this is a representation of the bound shapeshifter Loki, not an interpretation I have seen proposed elsewhere. See: http://lifeartearth.blogspot.com/2015/05/a-viking-bound-gripping-beast-pendant.html

An updated article can be read here: https://lifeartearth.blogspot.com/2025/06/the-borre-gripping-beast-pendants.html