The Rainbow Serpent story is very ancient and its exact age is hard to determine precisely. But it has been passed down through generations for a long time.
Well, it depends. Just because the story is based on a real story doesn't necessarily mean the serpent is a literal, physical snake. It could be a symbolic serpent representing something in the real - life events, like a person or an organization that acts in a sneaky or dangerous way, much like how a snake is often seen in literature. But if it is a more straightforward account, then it could be a real snake.
Well, 'The Serpent' takes inspiration from actual incidents. It weaves a narrative around real-life circumstances, but with some creative liberties for dramatic effect.
Well, it could be inspired by real elements but not necessarily a 100% accurate account of something that happened exactly as told. Many such stories blend fact and fiction.
Definitely. In the comics, Jughead's character took on the role of being a Serpent at some point. This development added an interesting twist to his storyline.