The rainbow-colored background is composed of different shades of orange, yellow, pink, and purple, creating a gradient effect that fades from one color to another. The gradient effect is intended to symbolize inclusivity, diversity, and creativity, and reflects the vibrant and dynamic nature of the Instagram community.

The logo's overall design is clean, modern, and easily recognizable, making it an iconic symbol of the social media platform. It's also flexible enough to be adapted to different scenarios and platforms, such as the black and white version used in the Instagram app store icon.