Piranha costume department was a treasure trove of primary colors, dressing all the actors and performers in multicolors that contrasted with one another, making the sets extremely colorful. The primary reason was to create a deep contrast effect from a rich color palette, that would create a vibrant black and white film later on, with infant potential for dynamic grading in post-production.
A significant motif in Piranha is the bronze bull seen at a certain point in the film. The inclusion of this statue is partly based on 'Boi de Piranha', a popular Brazilian folk tale where in order for villagers to safely cross Piranha-infested rivers, they must sacrifice their bull by sending it into the waters first. Once the Piranhas are fully fed, the villagers cross safely, but without their bull in tow. In both ancient and modern cultures, the bull stands as a symbol of strength, fertility and youth, and where the financial market is concerned it is a popular landmark of Wall Street, so the significance of the beast as cannon fodder in a pool of carnivorous fish is a key motif of financial misadventure, irresponsibility and short-term gain, in the film.
In July 2017, "Piranha" was a recipient of an Outstanding Achievement Award at Postmodern Films category in Calcutta International Cult Film Festival, in India.