Huh, this actually reminds me of MMX and Megaman as a whole (especially with all the pitch bends in the song)... Did you get some inspiration from Bubble Crab or something? I feel like it could fit quite well IMO (or in a underwater Sigma stage or whatever).
Also, I heard this in VLDC8, and I thought ``wait, is this from Breath of Fire? Kinda sounds like it...´´. I never would`ve thought it was a original composition, haha. XD